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On May 10, 2020, Sunland Co. enters into a contract to deliver a product to...

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Accounting

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On May 10, 2020, Sunland Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $1,880 on July 15,2020 . The cost of the goods is $1,180. Sunland delivers the product to Greig on June 15,2020 , and receives payment on July 15, 2020. Prepare the journal entries for Sunland related to this contract. Either party may terminate the contract without compensation until one gf the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is fequired, select "No entry" for the account titles and enter 0 for the amounts.) Question 1 of 13 17 (To record sales) (To record cost of goods sold) (To record payment received)

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