Answer Happy

On May 1, 2020, Sage 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 $990 in advance on May 15, 2020. Kickapoo pays Sage on May 15, 2020, and Sage delivers the mower (with cost of $648) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Sage. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2020 No Entry 0 No Entry No Entry 0 (b) Prepare the journal entry on May 15, 2020, for Sage. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2020 990 990 (c) Prepare the journal entry on May 31, 2020, for Sage. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit