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On May 10,2025, Cullumber Co. enters into a contract to deliver a product to Oriole...

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Accounting

On May 10,2025, Cullumber Co. enters into a contract to deliver a product to Oriole Inc. on June 15,2025. Oriole agrees to pay the full contract price of $1,980 on July 15,2025. The cost of the goods is $1,280. Cullumber delivers the product to Oriole on June 15,2025, and receives payment on July 15,2025. Prepare the journal entries for Cullumber 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 debit entries before credit entries. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
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