on june 30, 2018, the esquire company sold some merchandise to a customer for 30,000...
60.1K
Verified Solution
Link Copied!
Question
Accounting
on june 30, 2018, the esquire company sold some merchandise to a customer for 30,000 and agreed to accept as payment a noninterest bearing note with an 8% discount rate requiring the payment of 30,000 on March 31, 2019. the 8% rate is appropriate in this situation, esquire views the financing component of this contract as significant.
1. Prepare journal entries to record the sale of merchandise ( omit any entry that miight be required for the cost of the goods sold). the dec 31, 2018 interest accrual, and the march 31,2019 collection.
2. what is the effective interest rate on the note
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.