On May 1, 2020, Teal Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $990 in advance on May 15, 2020. Kickapoo pays Teal on May 15, 2020, and Teal delivers the mower (with cost of $648) on May 31, 2020.
(a) Prepare the journal entry on May 1, 2020, for Teal.
(b) Prepare the journal entry on May 15, 2020, for Teal.
(c) Prepare the journal entry on May 31, 2020, for Teal.
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Ответ:
A. May 1, 2020
No entry
B. May 15, 2020
Dr Cash $990
Cr Unearned revenue $990
C. May 31, 2020
Dr Unearned revenue $990
Cr sales $990
Dr cost of goods sold $648
Cr Inventory $648
Explanation:
(a) Preparation or the journal entry on May 1, 2020, for Teal.
May 1, 2020
No entry
(b) Preparation of the journal entry on May 15, 2020, for Teal.
May 15, 2020
Dr Cash $990
Cr Unearned revenue $990
(To record Advance received)
(c) Preparation of the journal entry on May 31, 2020, for Teal.
May 31, 2020
Dr Unearned revenue $990
Cr sales $990
(To record sales)
Dr cost of goods sold $648
Cr Inventory $648
(To record cost of goods sold)
Ответ:
Securities Exchange Commission (SEC)
The SEC is a United States federal government agency that serves to protect investors, ensure harmonious and fair functioning of security markets, and safeguard investors from malicious and fraudulent market practices. The SEC was established and founded by Franklin Roosevelt in 1934 to restore faith in the markets after the stock market crash in the United States in 1929.