On May 10, 2025, Sheridan Co. enters into a contract to deliver a product to Carla...

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On May 10, 2025, Sheridan Co. enters into a contract to deliver a product to Carla Vista Inc. on June 15, 2025. Carla Vista agrees to pay the full contract price of $1,970 on July 15, 2025. The cost of the goods is $1,270. Sheridan delivers the product to Carla Vista on June 15, 2025, and receives payment on July 15, 2025. Prepare the journal entries for Sheridan related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 15.2025 Accounts Receivable Sales Revenue June 15, 2025 Cost of Goods Sold Inventory (To record sales) (To record cost of goods sold) Sales Revenue 1970 1270 19 12 On May 10, 2025, Sheridan Co. enters into a contract to deliver a product to Carla Vista Inc. on June 15, 2025. Carla Vista agrees to pay the full contract price of $1,970 on July 15, 2025. The cost of the goods is $1,270. Sheridan delivers the product to Carla Vista on June 15, 2025, and receives payment on July 15, 2025. Prepare the journal entries for Sheridan related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 15.2025 Accounts Receivable Sales Revenue June 15, 2025 Cost of Goods Sold Inventory (To record sales) (To record cost of goods sold) Sales Revenue 1970 1270 19 12