Question
Sunland Company sold $131000 of goods and accepted the customer's $131000 9%, 1-year note receivable in exchange. Assuming 11% approximates the market rate of return,
Sunland Company sold $131000 of goods and accepted the customer's $131000 9%, 1-year note receivable in exchange. Assuming 11% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Debit Accounts Receivable for $131000.
No journal entry until cash is collected.
Debit Notes Receivable for $119210.
Debit Notes Receivable for $131000.
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Strategic Market Management
Authors: David A. Aaker
4th Edition
0471309567, 9780471309567
