On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025.

 On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025. Prepare the journal entries required for Sunland in 2025.

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