Question
On January 2, 2017, Metlock Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,900, with payment due
On January 2, 2017, Metlock Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $9,900, with payment due in 12 months. The fair value of the goods at the date of sale is $8,600 (cost $5,160).
Prepare the journal entry to record this transaction on January 2, 2017.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 2, 2017 | |||
| (To record sales) | |||
| (To record cost of goods sold) |
How much total revenue should be recognized in 2017?
| Total revenue | $ |
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
