Question

On May 1,2017,Sheridan Inc entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract contract price of $ 949 in advance on May 15,2017.Kickapoo pays Sheridan on May 15,2017, and Sheridan delivers the mower(with cost of $ 619) on May 31, 2017. (a) Prepare the journal entry on May 1,2017. for Sheridan. (Credit account titles are autormatically indented when the amount is entered. D is required, select "No entry for the account titles and enter O for the amounts) not indent manually. If no entry Date Account Titles and Explanation Debit Credit May 1,2017 (Ib) Prepare the journal entry on May 15, 2017, for Sheridan. (Credit occount titiles are outomatically indented when the amount is entered. Do not indent manually.If n entry is required, select "No entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit May 15,2017 (c) Prepare the journal entry on May 31, 2017, for Sheridan. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Cno entry is required, select "No entry" for the account titles and enter O for the amounts)

Answer 1

Date	Account titles and explanations				Debit	Credit
5/1/2017	No entry
5/15/2017	cash				949
	unearned revenue					949
5/31/2017	unearned revenue				949
	revenue earned					949
	cost of goods sold				619
	merchandise inventory					619