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NEED HELP WITH THIS QUESTION On March 1, 2019 Sealth Trucks sold a diesel ng to Kanisas Transports for $200.000, receiving a $20,000 down payment
NEED HELP WITH THIS QUESTION
On March 1, 2019 Sealth Trucks sold a diesel ng to Kanisas Transports for $200.000, receiving a $20,000 down payment and a 9-month20% note for the balance. Principal and interest are due at maturity, and the 10% interest rate reflected the market rate of interest at the time of sale on June 1, 2018, Kansas Transports discounted the nate without recourse at the Firut South Bank at 12% interest Required Prepare all required journal entries at June 1 to recognize interest revenue and the dincounting of the nobo Step by Step Solution
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