Question
On March 1, 2020,AyayaiCompany sold goods to Goosen Inc. for $714,000in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,203,132(an inputed rate
On March 1, 2020,AyayaiCompany sold goods to Goosen Inc. for $714,000in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,203,132(an inputed rate of11%). The goods have an inventory cost onAyayai's books of $364,000.
(a)Prepare the journal entries forAyayaion March 1, 2020.
Would the first entry be accounts receivalbe for the face amount?
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International Accounting
Authors: Timothy Doupnik, Hector Perera
3rd Edition
978-0078110955, 0078110955
