Answered Essay: On May 1, 2017, Sheffield Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The cont

On May 1, 2017, Sheffield 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 $947 in advance on May 15, 2017. Kickapoo pays Sheffield on May 15, 2017, and Sheffield delivers the mower (with cost of $592) on May 31, 2017.

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

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

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

Expert Answer

 

Date Account Titles and Explanation Debit Credit
(a) May 1, 2017 No entry required
(b) May 15, 2017 Cash 947
Cash Advance from customer 947
(To record advance received from Kickapoo Landscaping Co.)
(c) May 31, 2017 Cash Advance from customer 947
Sales revenue 947
(To record sales revenue)
May 31, 2017 Cost of goods sold 592
Inventory 592
(To record the cost of goods sold)

Notes: 1. No entry is required on May 1 when the contract is entered into as there is no change in the accounting equation or financial position of Sheffield.

2. The cash advance from customer is a liability account.

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