Bramble Corp. sold $132000 of goods and accepted the customer's $132000 9%, 1-year note receivable in exchange. Assuming 9% approximates the market rate of return, what would be the debit in this journal entry to record the sale? Debit Notes Receivable for $120120. No journal entry until cash is collected. Debit Notes Receivable for $132000. Debit Accounts Receivable for $132000.
Bramble Corp. sold $132000 of goods and accepted the customer's $132000 9%, 1-year note receivable in exchange. Assuming 9% approximates the market rate of return, what would be the debit in this journal entry to record the sale? Debit Notes Receivable for $120120. No journal entry until cash is collected. Debit Notes Receivable for $132000. Debit Accounts Receivable for $132000.
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 18E: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...
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Bramble Corp. sold $132000 of goods and accepted the customer's $132000 9%, 1-year note receivable in exchange. Assuming 9% approximates the market
Debit Notes Receivable for $120120.
No journal entry until cash is collected.
Debit Notes Receivable for $132000.
Debit Accounts Receivable for $132000.
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Step 1
Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. Accounting journal shows a company's debit and credit balances.
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