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Prepare the journal entry on May for Flounder

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Reference no: EM132768316

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.

Reference no: EM132768316

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