Sheridan Company sold $114000 of goods and accepted the customer's $114000 11%, 1-year note receivable in...
Sheridan Company sold $114000 of goods and accepted the customer's $114000 11%, 1-year note receivable in exchange. Assuming 11% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Homework Answers
| Date | Account Title | Debit | Credit | |
| Notes receivables | $ 1,14,000 | |||
| Sales revenue | $ 1,14,000 | |||
| ( to record sales against notes receivables) | ||||
| Debit Would be = Notes Receivables $114000 | ||||
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Sheridan Company sold $114000 of goods and accepted the
customer's $114000 11%, 1-year note receivable in...
Question 12 View Policies Current Attempt in Progress Coronado Industries sold $116000 of goods and accepted...
Question 12 View Policies Current Attempt in Progress Coronado Industries sold $116000 of goods and accepted the customer's $116000 12%, 1-year note receivable in exchange. Assuming 11% approximates the market rate of return, what would be the debit in this journal entry to record the sale? No journal entry until cash is collected. Debit Accounts Receivable for $116000 Debit Notes Receivable for $116000 Debit Notes Receivable for $102080. Attempts: 0 of 1 used Save for Later Submit Answer
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Exercise 7-19 (Algo) Noninterest-bearing note receivable (L07-7] On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $45,000 on March 31, 2022. The fair value of the merchandise exchanged is $42,300. Esquire views the financing component of this contract as significant Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold),...
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On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $41,000 on March 31, 2022. The fair value of the merchandise exchanged is $39,155. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $49,000 on March 31, 2022. The fair value of the merchandise exchanged is $46,060. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
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Question 12 View Policies Current Attempt in Progress Coronado Industries sold $116000 of goods and accepted the customer's $116000 12%, 1-year note receivable in exchange. Assuming 11% approximates the market rate of return, what would be the debit in this journal entry to record the sale? No journal entry until cash is collected. Debit Accounts Receivable for $116000 Debit Notes Receivable for $116000 Debit Notes Receivable for $102080. Attempts: 0 of 1 used Save for Later Submit Answer
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $49,000 on March 31, 2022. The fair value of the merchandise exchanged is $46,060. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
Exercise 7-19 (Algo) Noninterest-bearing note receivable (L07-7] On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $45,000 on March 31, 2022. The fair value of the merchandise exchanged is $42,300. Esquire views the financing component of this contract as significant Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold),...
Exercise 7-19 (Algo) Noninterest-bearing note receivable (LO7-7] points On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $47,000 on March 31, 2022. The fair value of the merchandise exchanged is $44,180. Esquire views the financing component of this contract as significant Skipped Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the...
The ABC Company rendered services on 1/1/15 and accepted a $10,000, 4%, 5-year note receivable with interest to be paid annually on December 31 through 12/31/19. The principal will be paid in full on 12/31/19. ABC's imputed interest rate is 8% and the effective amortization method is used. The initial journal entry to record the receipt of the note will include an entry to which account for what approximate amount? Select one: a. Debit to Discount on Notes Receivable for...
→ Moving to the next question prevents changes to this answer. Question 2 of 10 nestion 2 04 points Save Answer Equestrain Roads sold $80,000, of goods and accepted the customer's $80,000 10%, 1-year note payable in exchange. Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 307 A. $4,000 B. $0. C.$2,000 D. $8,000 MacBook Air Il + // OC
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $41,000 on March 31, 2022. The fair value of the merchandise exchanged is $39,155. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
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