Question
New Tech sells new widgets for $1,000. One of its customers is short on cash so they pay $800 in cash and trade in a
New Tech sells new widgets for $1,000. One of its customers is short on cash so they pay $800 in cash and trade in a used widget with a fair value of $300. What is the journal entry New Tech would record for this transaction?
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
