On May 10, 2025, Sandhill Co. enters into a contract to deliver a product to Blossom Inc. on June 15, 2025. Blossom agrees to pay the
full contract price of $2,150 on July 15, 2025. The cost of the goods is $1,470. Sandhill delivers the product to Blossom on June 15,
2025, and receives payment on July 15, 2025. Prepare the journal entries for Sandhill related to this contract. Either party may
terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List all
dedebit entries before credit entries. Record journal entries in the order presented in the problem.)
Date
May 10, 2025
June 15, 2025
July 15, 2025
Account Titles and Explanation
(To record sales)
(To record cost of goods sold)
Debit
Credit