Question
On January 1, 2018, London Inc. sold $932,000 worth of goods to Sarnia Ltd.It was determined that Sarnia Inc. had poor credit and signed a
On January 1, 2018, London Inc. sold $932,000 worth of goods to Sarnia Ltd.It was determined that Sarnia Inc. had poor credit and signed a three year, zero-interest bearing note.London can borrow money at an interest rate of 3.5% Instructions:
A) Calculate the present value of the note receivable. Show your work for part marks. B)Prepare the following entries for London Inc.:
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
18th edition
1292162406, 978-1292162409
