Financial Accounting
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of
$66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The
market rate of interest for similar notes is 11%.
Click here to view factor tables.
۵
Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final
answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit
account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
Account Titles and Explanation
January 1,
2025
Debit
Credit
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Transcribed Image Text:Flint Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $66,000. In addition, Flint agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. ۵ Prepare Flint Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation January 1, 2025 Debit Credit
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