South Company, a public company, sells large construction equipment. On January times the company sold North Company a machine at a quoted price of $ South collected $ cash and received a twoyear note payable for the balance.
Required:
Give South's required entries for the two years, assuming an interestbearing note, face value $ interest, simple interest, payable every December and market rateIf no entry is required for a transactionevent select No journal entry required" in the first account field.
tableNoTransaction,General Journal,Debit,Credit January xtable December
