On November 1, 2021, Ivanhoe Farm entered into a contract to buy a $152000 harvester from John Deere. The contract required Ivanhoe Farm to pay $152000 in advance on November 1, 2021. The harvester (cost of $112000) was delivered on November 30, 2021. The journal entry to record the contract on November 1, 2021 includes a credit to Unearned Sales Revenue for $152000.
O credit to Sales Revenue for $152000.
O credit to Accounts Receivable for $152000 debit to Unearned Sales Revenue for $152000.