Question
Bonita Industriessold $115000of goods and accepted the customer's $11500011%, 1-year note receivable in exchange. Assuming11% approximates the market rate of return, what would be the
Bonita Industriessold $115000of goods and accepted the customer's $11500011%, 1-year note receivable in exchange. Assuming11% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Debit Accounts Receivable for $115000.
Debit Notes Receivable for $102350.
Debit Notes Receivable for $115000.
No journal entry until cash is collected.
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Financial Accounting
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
12th edition
134725980, 9780134726656 , 978-0134725987
