On December 31, 2014, Zhang Ltd. rendered services to BeggyCorp. at an agreed price of $91,844.10. In
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Instructions
(a) Prepare the entries recorded by Zhang Ltd. for the sale and for the receipts including interest on the following dates:
1. December 31, 2014
2. December 31, 2015
3. December 31, 2016
4. December 31, 2017
5. December 31, 2018
(b) From Zhang Ltd.’s perspective, what are the advantages of an installment note compared with a non-interest bearing note?
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a 1 December 31 2014 Cash 3600000 Notes Receivable 5584410 Service Revenue 9184410 Using a financial ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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