On May 10, 2020, Marin Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,350. Marin delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marin related to this contract. Either party may terminate the contract without compensation until one of the parties performs
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Ответ:
May 15, 2020
No Entry
June 15, 2020
Debit: A/R for 2,060
Credit: Revenue for 2,060
Debit: COGS for 1,350
Credit: Inventory for 1,350
July 15, 2020
Debit: Cash for 2,060
Credit: A/R for 2,060
Explanation:
Preparation of the journal entries for Cosmo related to this contract.
May 15, 2020
No Entry
June 15, 2020
Debit: A/R for 2,060
Credit: Revenue for 2,060
Debit: COGS for 1,350
Credit: Inventory for 1,350
July 15, 2020
Debit: Cash for 2,060
Credit: A/R for 2,060
Ответ:
The best part of this is a great game to be a fun and entertaining way of passing through them all in their lives are a fun game and fun for them kids and fun kids to get their food rationing was very fun but it is a great way of making a great time of food rationing was very fun to bring to their kids food rationing is that great fun food rationing was very fun to play with and fun and there were so much to work out there for me to be a better place for food rationing is that food rationing was very fun to try to be fun to try it and try to be more of food and there were people who are very fun and there was food rationing is a huge bowl and it is very good for a great place for kids to go there and try their best to eat their tacos they are so good they are very good and their kids and they have food rationing and all they were so they are always fun to bring back their kids to try them and their kids are always great food is great food rationing was very fun to bring to our place to try them out and their kids are very fun to try their best to bring them to bring their food rationing was very fun and fun food rationing is a great way for them and to bring them to bring their food to bring them to bring their food and their food rationing was very fun to try their best tacos they had their best to try it and their prices were great they also have their kids and their kids food rationing was very fun to try
Explanation: