Problem
On May 1, 2025, Pharoah Company enters into a contract to transfer a product to David Company on September 30, 2025. It is agreed that David will pay the full price of $24,500 in advance on June 15, 2025. David pays on June 15, 2025, and Pharoah delivers the product on September 30, 2025. Prepare the journal entries required for Pharoah in 2025. (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 O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)