What journal entry to record the contract includes, Accounting Basics

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What journal entry to record the contract includes

Question: On October 1, 2018, Hogeland Farm entered into a contract to buy a $150,000 harvester from International Harvester. The contract required Hogeland Farm to pay $150,000 in advance on October 1, 2018. The harvester (cost of $110,000) was delivered on October 31, 2018. The journal entry to record the contract on October 1, 2018 includes

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Accounting Basics: What journal entry to record the contract includes

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