Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020,...
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Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to deliver 100 bags of ground coffee beans to Software on June 1. Software agrees to pay $1,000 for the coffee beans, which cost Omega $6 each. Omega delivers the bags of coffee beans on June 1, 2020, and receives payment from Software on June 20, 2020.
Required: Prepare the journal entries for Omega Coffee Shop related to this contract.
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You can see the logs in the Dashboard.