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Prepare the journal entries for June and August

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Question - Woodworking Inc. is a private company. The custom build furniture. On June 1, 2021 Jill Wong signs a contract for Woodworking Inc. to build her a custom dining room set. She has to pay 15% on signed of the contract and will pay the balance on deliver on August 1, 2021. The selling price was $10,000 and the cost to build the furniture was $2,800. Prepare the journal entries for June 1st and August 1st?

Reference no: EM133151616

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