On October 1, 2017, Teal sold one of its super deluxe combination gas/charcoal grills to...
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On October 1, 2017, Teal sold one of its super deluxe combination gas/charcoal grills to a local builder. The builder plans to install it in one of its "Parade of Homes" houses. Teal accepted a 3-year, zero-interest-bearing note with face amount of $4,845. The grill has an inventory cost of $2,565. An interest rate of 10% is an appropriate market rate of interest for this customer. Prepare the ou na entries on October 1 201 and December 31 2017 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. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) Date Account Titles and Explanation Debit Credit Oct. 1, 2017 To record sales) Cost of Goods Sold 2,565 Inventory 2,565 (To record cost of goods sold) Dec. 31, 2017
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