On May 10, 2020, Crane Co. enters into a contract to deliver a product to...
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On May 10, 2020, Crane Co. enters into a contract to deliver a product to Larkspur Inc. on June 15, 2020. Larkspur agrees to pay the full price of $2,230 on July 15, 2020. The cost of goods is $1,350. Crane delivers the product to Larkspur on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Crane on May 10, June 15, and July 15 related to this contract. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the delivery) (To record cost of goods sold)
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