Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, wright transport sold four sch

On January 1, 2021, Wright Transport sold four school buses to the Elmira School District....

60.1K

Verified Solution

Question

Accounting

image
On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $535,000 by Elmira on December 31, 2023. The effective interest rate is 5%. (FV of $1. PV of $1. FVA Of $1. PVA of S1. EVAD of S1 and PVAD of $.1) (Use appropriate factor(s) from the tables provided.); Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023

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

Chemistry
1.2K views

Hi, i'm working on lab report on iodometric determination of Cu in Brass and can someone...

Medical Sciences
1.2K views

Are you able to discuss one disorder of the skin along with any treatment options for this...

Calculus
1.2K views

the present value the amount that should be invested now to accumulate the followi Dounded...

Algebra
1.2K views

2 Use the remainder theroem to see if x 2 is a factor of f...

Accounting
1.2K views

0 Required information [The following information applies to...

Accounting
1.2K views

Ahmed & Co. makes and sells two types of shoes, Plain and Fancy. Data concerning...

Accounting
1.2K views

Exercise 10-7 Page 1 of I ACCT 3110 Fall 2017/Chapter 10 Homework Exercise 10-7 Harrisburg...

Accounting
1.2K views

Required information Problem 9-31 Production and Direct-Labor Budgets, Activity-Based Overhead Budget (LO 9-3, 9-4, 9-5,...

Accounting
1.2K views

Determine the trucking charges associated with each shipment using the conversions tables and CIFFA-Logistics Canada...

Accounting
1.2K views

The Outdoor Dining Company specializes in producing a set of wood patio furniture consisting of...

Accounting
1.2K views

On October 1, Robertson Company sold merchandise in the amount of $5,800 to Alberts, with...

Accounting
1.2K views

Bmo OBLEM II. The beginning inventory and purchases of an item for the period w...