FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please give explanation do not give directly answer 

I will give you upvot   

On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in return Sargent's zero-
interest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, assuming that Oriole
frequently sells similar items of land for a cash sales price of $651,000? (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
Jan. 1
Notes Receivable
Discount on Notes Receivable
Debit
Credit
expand button
Transcribed Image Text:On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in return Sargent's zero- interest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, assuming that Oriole frequently sells similar items of land for a cash sales price of $651,000? (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 Jan. 1 Notes Receivable Discount on Notes Receivable Debit Credit
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education