On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $826 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $511) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2020 enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount (c) Prepare the journal entry on May 31, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2020 enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount (To record cost of goods sold)

On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $826 in advance on May 15, 2020. Kickapoo pays Indigo on May 15, 2020, and Indigo delivers the mower (with cost of $511) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 1, 2017 enter a debit amount enter a credit amount (b) Prepare the journal entry on May 15, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2020 enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount enter an account title to record the transaction on May 15, 2017 enter a debit amount enter a credit amount (c) Prepare the journal entry on May 31, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2020 enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record sales on May 31, 2017 enter a debit amount enter a credit amount (To record sales) enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount enter an account title to record cost of goods sold on May 31, 2017 enter a debit amount enter a credit amount (To record cost of goods sold)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Date	Account Titles and Explanation	Debit	Credit
May 1, 2020	enter an account title to record the transaction on May 1, 2017	enter a debit amount	enter a credit amount
	enter an account title to record the transaction on May 1, 2017	enter a debit amount	enter a credit amount

(b) Prepare the journal entry on May 15, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 15, 2020	enter an account title to record the transaction on May 15, 2017	enter a debit amount	enter a credit amount
	enter an account title to record the transaction on May 15, 2017	enter a debit amount	enter a credit amount

(c) Prepare the journal entry on May 31, 2020, for Indigo. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 31, 2020	enter an account title to record sales on May 31, 2017	enter a debit amount	enter a credit amount
	enter an account title to record sales on May 31, 2017	enter a debit amount	enter a credit amount
	(To record sales)
	enter an account title to record cost of goods sold on May 31, 2017	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold on May 31, 2017	enter a debit amount	enter a credit amount
	(To record cost of goods sold)

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