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On October 10, 2020, Monty Co. entered into a contract with Belisle Inc. to transfer Monty's specialty products (sales value of $9,300, cost of $5,900
On October 10, 2020, Monty Co. entered into a contract with Belisle Inc. to transfer Monty's specialty products (sales value of $9,300, cost of $5,900 ) on December 15,2020 . Belisle agrees to make a payment of $4,600 upon delivery and signs a promissory note to pay the remaining balance on January 15, 2021. What entries does Monty make in 2020 on this contract? Ignore time value of money considerations. (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 0 for the amounts.)
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