On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On February 9, Elgin Co. gave Wilfer Co. a 9% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable.
On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On February 9, Elgin Co. gave Wilfer Co. a 9% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable.
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 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On
February 9, Elgin Co. gave Wilfer Co. a 9% promissory note in settlement of this account. Prepare
the
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