**Please provide calculations for solutions

1) A customer purchases product from Burgess Company in the amount of $75,000 on November 1, 2030. Burgess

accepts a contract to receive payment in 8 months (June 30, 2031) with 7% interest.

Required:

Prepare journal entries for the date of sale 11/1/2030, the adjusting entry on 12/31/2030, and the date of

payment 6/30/2031.

2) A customer purchases product from Burgess Company in the amount of $75,000 on November 1, 2030. Burgess

accepts a noninterest bearing note in the amount of $90,000 due in 8 months (June 30, 2031).

Required:

Prepare journal entries for the date of sale 11/1/2030, the adjusting entry on 12/31/2030, and the date of

payment 6/30/2031.

3) A customer purchases product from Burgess Company on January 1, 2030. Burgess accepts a contract to receive

$3.2 million on December 31, 2032. The note represents an implicit interest rate of 8%.

Required:

Prepare journal entries for the date of sale 1/1/2030, the adjusting entry on 12/31/2030, the adjusting entry on

12/31/2031, and the date of payment 12/31/2032.