On July 1,2025, Waterway Inc. made two sales. It sold land having a...
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Accounting
On July Waterway Inc. made two sales.
It sold land having a fair value of $ in exchange for a year zerointerestbearing promissory note in the face amount of $ The land is carried on Waterway's books at a cost of $
It rendered services in exchange for a year promissory note having a face value of $interest payable annually
Waterway Inc. recently had to pay interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at interest.
Record the two journal entries that should be recorded by Waterway Inc. for the sales transactions above that took place on July Round present value factor calculations to decimal places, eg and final answers to decimal places, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.
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