1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bess [88]
3 years ago
5

On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f

ull contract price of $1,840 on July 15, 2020. The cost of the goods is $1,170. Crane delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
belka [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

You might be interested in
Byron agrees to sell to Charity, for $1,500, a remote parcel of land.They believe the land to be worthless, but beneath it is a
DedPeter [7]

Answer:

D) enforce the contract.

Explanation:

Neither party knew about the gold mine before the deal was made, Byron and Charity even thought it was worthless. If Charity by accident, chance or luck discovered the gold mine, then she is entitled to it. Even f Byron wants to cancel the deal, he can't because Charity acted on good faith and the discovery of the gold mine was not something planned or intended.

For example, if I like an antique at a yard sale and I purchase it at $5, and then by chance someone that knows about antiques tells me that it is really expensive, a made a lot of money and the previous owner doesn't have the right to cancel the sale.  

6 0
3 years ago
What will happen when unity is not in organization ? explain in details.​
nydimaria [60]
Unity of Direction states that a particular team of employees with the same goals as well as the same objectives need to work together to achieve those common goals for the success of the company. It has facilitated several organizations in achieving the objectives of firms that they want to have in the industry.
6 0
2 years ago
Clear Waters Snorkeling Equipment Company has had major losses for the last few years. U.S. Representative Snow has introduced a
Maslowich

Answer:

C. II only

Explanation:

8 0
3 years ago
Portfolio management matrices are applied to what level of strategy?.
bazaltina [42]

Answer:

Portfolio managers oversee a collection of projects, programs and other activities that are grouped together to meet strategic business objectives. The practice of portfolio management is integral to the implementation of your organization’s overall strategic plan.

Explanation:

3 0
2 years ago
The ________ phase is the most important step in the sdlc process.
Law Incorporation [45]

The most important phase of the SDLC is the requirement gathering and analysis phase because this is when the project team begins to understand what the customer wants from the project.

8 0
2 years ago
Other questions:
  • In 3–5 sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or buying a
    13·1 answer
  • The selling and administrative expense budget of Gullette Corporation is based on the number of units sold, which are budgeted t
    8·1 answer
  • During March, the production department of a process operations system completed and transferred to finished goods 25,000 units
    9·2 answers
  • Classify the following topics as relating to microeconomics or macroeconomics. Topic: Microeconomics or Macroeconomics
    12·1 answer
  • Which of these items is not considered to be a want?
    14·1 answer
  • Which one of the following is not covered by renter's insurance? additional living expenses accidental damage to the property of
    8·1 answer
  • Imagine that the U.S. economy has an initial unemployment rate equal to the natural rate of unemployment. Identify each event as
    15·2 answers
  • The cost of preferred stock is different from the cost of _____ because there is no maturity date on which principal must be pai
    15·1 answer
  • Peyton’s Palace has net income of $15 million on sales revenue of $130 million. Total assets were $96 million at the beginning o
    12·1 answer
  • Complete this analogy: The computer is to hardware as a productivity program is to _____.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!