Solved: On may 1 2017 novak inc entered into a contract to deliver, Accounting Basics

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On may 1 2017 novak inc entered into a contract to deliver

Question - On May 1, 2017, Novak Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $931 in advance on May 15, 2017. Kickapoo pays Novak on May 15, 2017, and Novak delivers the mower (with cost of $585) on May 31, 2017.

(a) Prepare the journal entry on May 1, 2017, for Novak.

(b) Prepare the journal entry on May 15, 2017, for Novak.

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Accounting Basics: On may 1 2017 novak inc entered into a contract to deliver

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Accounting Basics: On may 1 2017 novak inc entered into a contract to deliver

Reference No:- TGS02500492

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