On May 10, 2020, Swifty Co. enters into a contract to deliver a product to...
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On May 10, 2020, Swifty 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 $2,120 on July 15, 2020. The cost of the goods is $1,490. Swifty delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Swifty related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
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