On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31, 2026. Complete this question by entering your answers in the tabs below. How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Note: Round your final answer to nearest whole number? On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1. PV of \$1. FVA of \$1. PVA of S1. FVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31,2025, interest accrual, and receipt of payment of the note on December 31, 2026. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025, interest accrual, and receipt of payment of the note on December 31,2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number. Show less A Journal entry worksheet 5 Record the sale of goods on January 1,2024 in exchange for the long term note. On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright recelved a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31, 2026. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31, 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number. Journal entry worksheet 5 Record the accrual of interest in 2024. On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright recelved a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1, PV of \$1. FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of S1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost. of the goods sold), the December 31, 2024, interest accrual, the December 31,2025, interest accrual, and receipt of payment of the note on December 31, 2026. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31,2026. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field, Do not round intermediate calculations and round your final answers to nearest whole number. Show less A On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright recelved a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1, PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31,2026. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and recelpt of payment of the note on December 31, 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number. Show less A Journal entry worksheet 1 2 3 5 Record the accrual of interest in 2026. On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $529,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1, FVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31, 2026. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and recelpt of payment of the note on December 31, 2026. Note: If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number. Journal entry worksheet 123 Record the collection of the note in 2026
