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Current Attempt in rrogress

$-122$

On September $1,2023,$ Metlock, Inc. sold goods to Sarasota Corp., a new customer. Before shipping the goods, Metlock's credit and collections department conducted a credit check and determined that Sarasota is a high credit$-$risk customer. As a result, Metlock did not provide Sarasota with open credit by recording the sale as an account receivable. Instead, Metlock required Sarasota to provide a non$-$interest$-$bearing promissory note for $$46,200$ face value, to be repaid in one year. Sarasota has a credit rating that requires it to pay $12\%$ interest on borrowed funds. Metlock pays $10\%$ interest on a loan recently obtained from its local bank. Metlock has a December $31$ year end and follows IFRS.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($a$)$

Prepare the,entries required on Metlock's books to record the sale, annual adjusting entry, and collection of the note's full face value. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$N$$ Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in thie problem. List all debit entries before cre

Account Titl$$s and Explanation

D$$bit

Credit

Question $8$ of $11$