Cullumber sells 3-D printer systems. Recently, Cullumber provided a special promotion of zero-interest financing for...
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Cullumber sells 3-D printer systems. Recently, Cullumber provided a special promotion of zero-interest financing for two years on any new 3-D printer system. Assume that Cullumber sells Lyle Cartright a 3-D system, receiving a $6,200 zero-interest-bearing note on January 1,2023 . The cost of the 3-D printer system is $4,960. Cullumber imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entries to record the sale on January 1, 2023. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275 .)
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Cullumber sells 3-D printer systems. Recently, Cullumber provided a special promotion of zero-interest financing for two years on any new 3-D printer system. Assume that Cullumber sells Lyle Cartright a 3-D system, receiving a $6,200 zero-interest-bearing note on January 1,2023 . The cost of the 3-D printer system is $4,960. Cullumber imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entries to record the sale on January 1, 2023. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275 .) 