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Can someone help me with this exercise?? Brief Exercise 14-15 Shlee Corporation issued a 5-year, $70,200, zero-interest-bearing note to Garcia Company on January 1, 2014,
Can someone help me with this exercise??
Brief Exercise 14-15 Shlee Corporation issued a 5-year, $70,200, zero-interest-bearing note to Garcia Company on January 1, 2014, and received cash of $70,200. In addition, Shlee agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Prepare Shlee Corporation's January 1 journal entry. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dabe Account Titles and Explanation Debit Credit January 1, 2014Step by Step Solution
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