On January 2, 2020, Bonita Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value
Posted: Wed Mar 09, 2022 8:12 am
On January 2, 2020, Bonita Inc. sells goods to Geo
Company in exchange for a zero-interest-bearing note with face
value of $11,400, with payment due in 12 months. The fair value of
the goods at the date of sale is $10,100 (cost $6,060).
Prepare the journal entry to record this transaction on January 2,
2020. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of goods sold)
How much total revenue should be recognized in 2020?
$
Company in exchange for a zero-interest-bearing note with face
value of $11,400, with payment due in 12 months. The fair value of
the goods at the date of sale is $10,100 (cost $6,060).
Prepare the journal entry to record this transaction on January 2,
2020. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(To record sales)
(To record cost of goods sold)
How much total revenue should be recognized in 2020?
$