Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on march 1, 2020, parnevik company sold goods to g

On March 1, 2020, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange...

90.2K

Verified Solution

Question

Accounting

On March 1, 2020, Parnevik Company sold goods to Goosen Inc. for $660,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,062,937 (an inputed rate of 10%). The goods have an inventory cost on Parnevik's books of $400,000. Prepare the journal entries for Parnevik on (a) March 1, 2020, and (b) December 31, 2020.

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

Question 5 a) How many mL of 0.1 M CH3COONa must you add to 35.0 mL...

Physics
1.2K views

If X, Y and Z are three arbitrary vectors, prove these identities: a. (X×Y).Z = X.(Y×Z) b. X×(Y×Z)...

Mechanical Engineering
1.2K views

3. (a) What is the difference between the signal measurement methods in ‘differential mode’ vs ‘single ended...

Biology
1.2K views

In which situation would you expect a species to evolve better health at older ages?a...

Biology
1.2K views

Which among the following is not a physical change O Mixing salt and water O...

Physics
1.2K views

42 A long straight wire carries a current TAN i in A 2 sin wt...

Physics
1.2K views

In figure a potential of 12V is given to point A and point B is...

Algebra
1.2K views

ALL REAL NUMBERS Option 2 X IN

Algebra
1.2K views

LUC E Choose the correct interval OA c c t OB C C t OC...

Accounting
1.2K views

C2. Blanton Corporation is comprised of five operating segments. Information about each of these segments...

Accounting
1.2K views

Can you help me with this question and answer step by step Company X...

Accounting
1.2K views

Presented below is information related to the Southern Division of Lumber Ltd. \table[[Contribution...