Question
Restaurant Partners, Inc. offers its customers extended payment terms on new refrigerator purchases. Zees Pizza takes delivery of a new refrigerator on September 30, 2020
Restaurant Partners, Inc. offers its customers extended payment terms on new refrigerator purchases. Zees Pizza takes delivery of a new refrigerator on September 30, 2020 and agrees to pay Restaurant Partners $10,000 in 366 days (October 1, 2021). Restaurant Partners rate of interest is 6%. What amount should Restaurant Partners record as revenue on September 30, 2020?
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Managerial Accounting
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
5th Edition
1264467206, 978-1264467204
