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You'll have to right-click and select, open image in new tab to see the numbers more clearly. 2. Additionally, on November 1, 2020, Soso, Inc.
You'll have to right-click and select, "open image in new tab" to see the numbers more clearly.
2. Additionally, on November 1, 2020, Soso, Inc. sold inventory valued at $200,000 (and costing $90,000) for a $200,000 non-interest bearing note. The note is due in 6 months and Soso, Inc determines that a 5% discount rate is appropriate for this note. Soso Inc.'s year end is Dec. 31. Requirements A. Complete the journal entry for the sale of the inventory on November 1. B. Complete the journal entry required at year end to recognize accrued interest. C. Complete the journal entry for the collection on the Note. 11/1/2020 General Journal Description Dr 12/31/2020 General Journal Description Dr 5/1/2020 General Journal Description Dr Cr Cr Cr
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