Question
On January 1, 2024, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2024, but payment for the
On January 1, 2024, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2024, but payment for the equipment of $11,900 is not due until December 31, 2024. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 11% interest rate is applicable.
How much sales revenue would Wooten recognize on January 1, 2024?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
