On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000 The buyer issued an 8 , 12 month note for this amount, with the interest to be paid on the maturity date Prepare journal entries to record the sale of the land and the related year end adjusting entry ...

On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued

Question:

On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued an 8%, 12-month note for this amount, with the interest to be paid on the date. Prepare journal entries to record the sale of the land and the related year-end adjusting entry.

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 63% (11 reviews)

Oct 1 Note Receivable 35000 ...View the full answer

Answered By

Asim farooq

I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening. My Expert Service Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities

4.40+ 65+ Reviews 86+ Question Solved

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324659139

11th edition

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

See More Books

Question Posted: Dec 09, 2013 08:37 AM

See More Questions

On October 1, Bandor Company sold land (that cost $30,000) on credit for $35,000. The buyer issued

Question:

Step by Step Answer:

Oct 1 Note Receivable 35000 ...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions