Chalice Ltd sells equipment to Chris Ltd on 1 Jul 2023. Chris Ltd qualifies for a 2-year interest free period. The current cash sales price is $40,000 and Chris Ltd will pay $40,000 on 30 June 2025. Chalice Ltd determines that the appropriate interest rate for Chris Ltd given their credit worthiness is 6% per annum. 

Provide journal entries on 1 July 2023, 30 June 2024 and 30 June 2025 for Chalice Ltd.

Answer rating: 100% (QA)

here are the journal entries for Chalice Ltd 1 July 1 2023 ... View the full answer