tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Issued a $1,236,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise's cost to Plano Wholesalers is $605,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Plano Wholesalers records interest accumulated for 2018. Piano Wholesalers converts Arrowstar's dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Plano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value. Jan 1, 2018 fan amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 86 88 To record sale in exchange for Notes Receivable: Arrowstar To record the cost of sale
tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Issued a $1,236,650 note to customer Arrowstar as terms of a merchandise sale. The merchandise's cost to Plano Wholesalers is $605,000. Note contract terms included a 24-month maturity date and a 3.4% annual interest rate. Plano Wholesalers records interest accumulated for 2018. Piano Wholesalers converts Arrowstar's dishonored note into account receivable. This includes accumulated interest for the 24-month period. April 12, 2020 Plano Wholesalers sells the outstanding debt from Arrowstar to a collection agency at 40% of the accounts receivable value. Jan 1, 2018 fan amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 86 88 To record sale in exchange for Notes Receivable: Arrowstar To record the cost of sale
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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