On January Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $ by Elmira on December The effective interest rate is
Note: Use appropriate factors from the tables provided. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
How much sales revenue would Wright recognize on January for this transaction?
Prepare journal entries to record the sale of merchandise on January omit any entry that might be required for the cost of the goods sold the December interest accrual, the December interest accrual, and receipt of payment of the note on December
