Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 2, 2017, pearl inc. sells goods to geo

On January 2, 2017, Pearl Inc. sells goods to Geo Company in exchange for a...

60.1K

Verified Solution

Question

Accounting

On January 2, 2017, Pearl Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,300 (cost $6,180). Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, 2017 (To record sales) (To record cost of goods sold) How much total revenue should be recognized in 2017? Total revenue

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Air is a mixture of gases with the following mass percentage composition: 75.52% N2, 23.15% O2,...

Chemistry
Q

Apply 1D infinite ?(?) PiB model to the π-network in butadiene (assume that the molecule is...

Chemistry
Q

For the following schema, provide the following unique/distinct values a) A suitable primary key b) An example of...

Programming
Q

Find the surface area of revolution about the x axis of y 4x 7 over...

Calculus
Q

Hopkinton Test Laboratories does heat testing (HT) and stress testing (ST) on materials...

Accounting
Q

Diane Reed Comparative Balance Sheet December 31, 2022 and 2021 Balance Sheet 2022 2021 Cash...

Accounting
Q

Cullumber Company reported the following results for the year ended December 31, 2018, its first...

Accounting
Q

Arod the mairicits Employee income tax Medicare tax OASDI tax Overtime pay for 10 hours...

Accounting
Q

a company has 2,500 shares authorized and 1500 have been issued, the annual dividend on...

Accounting
Q

The company purchased a wheel aligner with the bank account on 2020-07-20. Find the relevant...

Accounting
Q

Financial crises A cause failures of financial intermediaries and...

Finance
Q

Leonardo, who is married but files separately, earns $81,400 of taxable income. He also has...

Accounting