EXTENDED PAYMENT TERMS 1/1/2021 Slaughter & Son sold a Deluxe Funeral Package to a customer (who had not bee

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answerhappygod
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EXTENDED PAYMENT TERMS 1/1/2021 Slaughter & Son sold a Deluxe Funeral Package to a customer (who had not bee

Post by answerhappygod »

EXTENDED PAYMENT TERMS







1/1/2021





Slaughter & Son sold a Deluxe Funeral Package to a customer
(who had not been feeling













well lately) in exchange for a zero interest bearing note with a
face value of $6,000 with





payment due in 12 months.









Fair value of the funeral package at the date of sale


5,500





Cost of funeral package




4,200















Prepare the journal entries for Slaughter and Sons for 2021
and 2022
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