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Question - On May 1, 2017, Flounder 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 $965 in advance on May 15, 2017. Kickapoo pays Flounder on May 15, 2017, and Flounder delivers the mower (with cost of $636) on May 31, 2017.
Required -
(a) Prepare the journal entry on May 1, 2017, for Flounder.
(b) Prepare the journal entry on May 15, 2017, for Flounder.
(c) Prepare the journal entry on May 31, 2017, for Flounder.
During the year, Davis Company acquired $1,000,000 of equipment to start a new product line. $500,000 of equipment was purchased for cash. $300,000 of equipment was acquired for a $30,000 downpayment with the balanced financed over 3 years.
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