Question: On October 10, 2020, Executor Co. entered into a contract with Belisle Inc. to transfer Executors specialty products (sales value of $10,000, cost of $6,500)

On October 10, 2020, Executor Co. entered into a contract with Belisle Inc. to transfer Executor’s specialty products (sales value of $10,000, cost of $6,500) on December 15, 2020. Belisle agrees to make a payment of $5,000 upon delivery and signs a promissory note to pay the remaining balance on January 15, 2021. What entries does Executor make in 2020 on this contract? Ignore time value of money considerations.

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