DR ______ ____________ Date Account Titles and Explanation Debit Credit July 15
ID: 2483762 • Letter: D
Question
DR ______ ____________
Date
Account Titles and Explanation
Debit
Credit
July 15
DR_____________ _______________
Date
Account Titles and Explanation
Debit
Credit
July 31
(To record revenue for sale of machines)
July 31
(To record cost of goods sold)
On July 1, 2014, Ellsbury 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 $2,500 in advance on July 15, 2014. Kickapoo pays Ellsbury on July 15, 2014, and Ellsbury delivers the machine (with cost of $1,600) on July 31, 2014.Explanation / Answer
Date Account Debit credit 1 july No entry required . 15 july cash 2500 Unearned sales revenue 2500 [Payment received in advance] july3 1 Unearned sales revenue 2500 sales revenue 2500 [to record sales] Cost of goods sold 1600 Inventory 1600 [to record cost of sales]
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