On July 1, 2021, Ayayai Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $4,900 in advance on July 15, 2021. Kickapoo pays Ayayai on July 15, 2021, and Ayayai delivers the machine (with cost of $2,050) on July 31, 2021.
Instructions
a. Prepare the journal entry on July 1, 2021, for Ellsbury.
b. Prepare the journal entry on July 15, 2021, for Ellsbury.
c. Prepare the journal entry on July 31, 2021, for Ellsbury.
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