Revenue Recognition Problem

On October 10, 2014, Executor Co. entered into a contract with Belisle Inc. to transfer Executors specialty products (sales value of $10,000, cost of $6,500) on December 15, 2014. Belisle agrees to make a payment of $5,000 upon delivery and signs a promissory note to pay the remaining balance on January 15, 2015. What entries does Executor make in 2014 on this contract? Ignore time value of money considerations. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.

Oct 10, 2014

______

________

Dec 15, 2014

____

_____

_____

(to record sale of revenue)

Dec 15, 2014

_____

____

(to record cost of good sold)