Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2018, wright transport sold four sch

On January 1, 2018, Wright Transport sold four school buses to the Elmira School District....

70.2K

Verified Solution

Question

Accounting

image
On January 1, 2018, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $523,000 by Elmira on December 31, 2020. The effective interest rate is 6%. (EV of$1, PVofSLEVAof $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2018, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry that might be required for the cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019, interest accrual, and receipt of payment of the note on December 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry t cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019, inte payment of the note on December 31, 2020. (If no entry is required for a transaction/event, s required" in the first account field. Do not round intermediate calculations and round your final number.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

S.M.A.R.T. test scores are standardized to produce a normal distribution with a mean of 230 and...

Biology
1.2K views

EXPERIMENTAL PROTOCOL: This exercise will engage students in examining uptake of green fluorescent-tagged bacteria by macrophage cells...

Chemistry
1.2K views

No other data provided 3. The cations on an exchangeable site of a 40 g soil...

Chemistry
1.2K views

a) Give the mathematical equilibrium constant expression Kc and Kp (not the value!) for the reaction 2N2O5(g)...

Electrical Engineering
1.2K views

Make a schema for a memory size of 65536 words per 8 bits. Use 8k  by 8-bit...

Physics
1.2K views

Bullets of 0 03 kg mass each hit a plate at a rate of 200...

Basic Math
1.2K views

fairness O There are multiple definitions and ways to measure fairness and these often contradict...

Calculus
1.2K views

K Approximate the area under the graph of f x and above the x axis...

Calculus
1.2K views

7 In the diagram segment JK Gl Solve for x if HJ 3x HK 2x...

Accounting
1.2K views

Little Apple Company acquired patent rights on January 1, 2017 for $750,000. The patent has...

Accounting
1.2K views

3.You are given the two signals in Figure P2.3. (a) Express y(t) as a function...

Accounting
1.2K views

Which account is NOT credited when the journal entry to pay employees is recorded? A....