On October 10, 2017, Executor Co. entered into a contractwith Belisle Inc. to transfer Executor’s specialty products(sales value of $10,000, cost of $6,500) on December 15,2017. Belisle agrees to make a payment of $5,000 upondelivery and signs a promissory note to pay the remainingbalance on January 15, 2018. What entries does Executormake in 2017 on this contract? Ignore time value ofmoney considerations.
On October 10, 2017, Executor Co. entered into a contractwith Belisle Inc. to transfer Executor’s specialty products(sales value of $10,000, cost of $6,500) on December 15,2017. Belisle agrees to make a payment of $5,000 upondelivery and signs a promissory note to pay the remainingbalance on January 15, 2018. What entries does Executormake in 2017 on this contract? Ignore time value ofmoney considerations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
On October 10, 2017, 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,
2017. Belisle agrees to make a payment of $5,000 upon
delivery and signs a promissory note to pay the remaining
balance on January 15, 2018. What entries does Executor
make in 2017 on this contract? Ignore time value of
money considerations.
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