On October 1, 2008, Jeppo Farm Equipment Company sold a pecan-harvesting machine to Lujan Brothers Farm, Inc.
Question:
On October 1, 2008, Jeppo Farm Equipment Company sold a pecan-harvesting machine to Lujan Brothers Farm, Inc. In lieu of a cash payment Lujan Brothers Farm gave Jeppo a 2-year, $100,000, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Jeppo’s financial statements are prepared on a calendar-year basis.
Instructions
Assuming Lujan Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Jeppo Farm Equipment Company for the entire term of the note.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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10108 Notes Receivable 100000 Sales 100000 123108 Interest Receivable 2000 Interest Revenue 2000 1...View the full answer
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Related Book For 
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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