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Prepare the journal entry on may

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Question - On May 1, 2017, Novak 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 $931 in advance on May 15, 2017. Kickapoo pays Novak on May 15, 2017, and Novak delivers the mower (with cost of $585) on May 31, 2017.

(a) Prepare the journal entry on May 1, 2017, for Novak.

(b) Prepare the journal entry on May 15, 2017, for Novak.

(c) Prepare the journal entry on May 31, 2017, for Novak.

Reference no: EM131704969

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