Question
On 1-1, 2021 AUS Roads sold $125,000 of goods and accepted the customer's $125,000 9%, 3-years note receivable in exchange. Assuming 10% approximates the market
On 1-1, 2021 AUS Roads sold $125,000 of goods and accepted the customer's $125,000 9%, 3-years note receivable in exchange. Assuming 10% approximates the market rate of return.
5. Prepare AUSs journal entry for the initial transaction on 1-1, 2021.
6. Prepare the journal entry to recognize the interest for the first year 2021 (Only)
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
