Question
ABC company sold good to XYZ trader on may 1,2019. ABC company agreed to accept a ksh 1,400,000 for 6 months 12% note in payment
ABC company sold good to XYZ trader on may 1,2019. ABC company agreed to accept a ksh 1,400,000 for 6 months 12% note in payment for the goods interest is payable for the goods interest is payable at maturity.
Required
Prepare journal entries to record the above transactions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Answer The following are the journal entries that document the transactions May 1 2019 ...
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
