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Question 3 of 4 2.81/3 On October 1, 2020, Wildhorse sold one of its super deluxe combination gas/charcoal barbecues to a local builder. The builder
Question 3 of 4 2.81/3 On October 1, 2020, Wildhorse sold one of its super deluxe combination gas/charcoal barbecues to a local builder. The builder plans to install it in one of its "Parade of Homes" houses Wildhorse accepted a three-year, zero-interest-bearing note with a face amount of $ 5,005. The barbecue has an inventory cost of $2,538. An interest rate of 10% is an appropriate market rate of interest for this customer. Prepare the journal entries on October 1, 2020, and December 31, 2020. (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 o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit October 1, 2020 Notes Receivable 5,005 Sales Revenue (To record sales) October 1, 2020 Cost of Goods Sola 2.538 inventory (To record cost of goods sold) December 31, 2020 NoresReade 1354125 ente conser
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