Question
Prepare the journal entry(ies) Note receivable Doyle Games is a local game company that needed some new computers and virtual reality studio equipment. In January,
Prepare the journal entry(ies)
Note receivable
Doyle Games is a local game company that needed some new computers and virtual
reality studio equipment. In January, All Starr entered into an agreement with Doyle
Games, selling it $80,000 in equipment but agreeing not to collect for three years. Doyle
Games is expecting a grant from the government that will be paid in three years time.
All Starr would normally charge interest of 8%, but has agreed to waive interest for this
contract. The controller included the balance in accounts receivable at $80,000.
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