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Prepare the journal entries for sandhill on may

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Reference no: EM132707751

Problem 1: On May 10, 2020, Sandhill Co. enters into a contract to deliver a product to Teal Mountain Inc. on June 15, 2020. Teal Mountain agrees to pay the full price of $1,970 on July 15, 2020. The cost of goods is $1,310. Sandhill delivers the product to Teal Mountain on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Sandhill on May 10, June 15, and July 15 related to this contract.

Reference no: EM132707751

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