On October 1, 2017, Blue Inc. entered into a contract to sell a custom van to Smith Tours for $36,900. Under the contract, Smith is to pay Blue $4,700 on October 10, 2017 and pay the remainder of the purchase price upon delivery (scheduled for October 31, 2017). Smith makes the $4,700 payment in a timely manner. Blue delivers the van (with cost of $27,300) on October 31, 2017. (a) Your answer is correct. Prepare Blue's journal entry on October 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (b) No Entry No Entry eTextbook and Media List of Accounts Account Titles and Explanation Debit eTextbook and Media 0 Debit Credit Prepare Blue's journal entry on October 10, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 0 Credit Attempts: unlimited
On October 1, 2017, Blue Inc. entered into a contract to sell a custom van to Smith Tours for $36,900. Under the contract, Smith is to pay Blue $4,700 on October 10, 2017 and pay the remainder of the purchase price upon delivery (scheduled for October 31, 2017). Smith makes the $4,700 payment in a timely manner. Blue delivers the van (with cost of $27,300) on October 31, 2017. (a) Your answer is correct. Prepare Blue's journal entry on October 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (b) No Entry No Entry eTextbook and Media List of Accounts Account Titles and Explanation Debit eTextbook and Media 0 Debit Credit Prepare Blue's journal entry on October 10, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 0 Credit Attempts: unlimited
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vikram
Transcribed Image Text:On October 1, 2017, Blue Inc. entered into a contract to sell a custom van to Smith Tours for $36,900. Under the contract, Smith is to
pay Blue $4,700 on October 10, 2017 and pay the remainder of the purchase price upon delivery (scheduled for October 31, 2017).
Smith makes the $4,700 payment in a timely manner. Blue delivers the van (with cost of $27,300) on October 31, 2017.
(a)
Your answer is correct.
Prepare Blue's journal entry on October 1, 2017. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
(b)
No Entry
No Entry
eTextbook and Media
List of Accounts
Account Titles and Explanation
Debit
eTextbook and Media
0
Debit
Credit
Prepare Blue's journal entry on October 10, 2017. (Credit account titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
0
Credit
Attempts: unlimited
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