Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project,

Question:

Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project, and the local business signs an 8% note January 1, 2019.

Required:

1. Prepare the journal entry to record the sale on January 1, 2019.

2. Determine how much interest Metzler will receive if the note is repaid on October 1, 2019.

3. Prepare Metzler's journal entry to record the cash received to pay off the note and interest on October 1, 2019?

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Cornerstones of Financial Accounting

ISBN: 978-1337690898

4th edition

Authors: Jay Rich, Jeff Jones

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Question Posted: Dec 11, 2017 08:17 AM

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Metzler Communications designs and programs a website for a local business. Metzler charges $46,000 for the project,

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1 Journal Date Account and Explanation Debit Credit Jan 1 Notes Receivable 46000 Sale...View the full answer

Cornerstones of Financial Accounting

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