Business, 12.08.2020 04:01 alicat20

On May 10, 2017, Vaughn Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $1,990 on July 15, 2017. The cost of the goods is $1,310. Vaughn delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Vaughn related to this contract. Either party may terminate the contract without compensation until one of the parties performs.

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On May 10, 2017, Vaughn Co. enters into a contract to deliver a product to Greig Inc. on June 15, 20...

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