Contract identification
Coffee Co. enters into a contract to delivery coffee to the House of Commons on July 1, 2020. The House agrees to pay the full price of $ 3,000 on August 1, 2020. The cost of goods is $ 1,400. Coffee Co. delivers the coffee to the House on July 1, 2020 and receives payment on August 1, 2020.
Instructions
Prepare the journal entries for Coffee Co. related to this contract.
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