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Current Attempt in Progress On June 1,2023, Ivanhoe Company sells $180,000 of shelving units...

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Accounting

Current Attempt in Progress
On June 1,2023, Ivanhoe Company sells $180,000 of shelving units to a local retailer, Metlock, which is planning to expand its stores
in the area. Under the agreement, Metlock asks Ivanhoe to retain the shelving units at its factory until the new stores are ready for
installation. Title passes to Metlock at the time the agreement is signed. The shelving units are delivered to the stores on September 1,
2023, and Metlock pays in full.
Prepare the journal entries for this bill-and-hold at
Ivanhoe on June 1 and September 1,2023. The C
indented when the amount is entered. Do not inden
amounts. Record journal entries in the order presente
ment (assuming that conditions for recognizing the sale have been met) for
relving units to Ivanhoe is $99,000.(Credit account titles are automatically
o entry is required, select "No Entry" for the account titles and enter O for the
Dlem. List all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
(To record sale on account)
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