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Prepare the journal entries for Marigold related to contract

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Reference no: EM132713094

Question - On May 10, 2020, Marigold Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,080 on July 15, 2020. The cost of the goods is $1,330. Marigold delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marigold related to this contract. Either party may terminate the contract without compensation until one of the parties performs.

Reference no: EM132713094

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