Question
On January 2, 2017, Ayayai Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11,000, with payment due
On January 2, 2017, Ayayai Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,300 (cost $6,180). Prepare the journal entry to record this transaction on January 2, 2017.
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Auditing Theory And Practice
Authors: Arun Kumar & Rachana Sharma
1st Edition
8171567207, 978-8171567201
