Tokyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $105,000. The implied discount...

 

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Tokyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $105,000. The implied discount rate on the note is 10.2% per annum. Tokyo uses a periodic inventory system, and views the financing component of this transaction to be significant. Required: 1. Prepare the journal entry to record the sale. 2 Compute the effective rate of interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required 1 Required 2 Compute the effective rate of interest. (Round your answer to 2 decimal places.) Effective interest rate < Required 1 Required 2 > Tokyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $105,000. The implied discount rate on the note is 10.2% per annum. Tokyo uses a periodic inventory system, and views the financing component of this transaction to be significant. Required: 1. Prepare the journal entry to record the sale. 2 Compute the effective rate of interest. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required 1 Required 2 Compute the effective rate of interest. (Round your answer to 2 decimal places.) Effective interest rate < Required 1 Required 2 >

Answer rating: 100% (QA)

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