Record journal entries for the following transactions of Mesa Construction. Jan. 1, 2018 Dec. 31, 2018 Dec.
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Record journal entries for the following transactions of Mesa Construction.
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Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Apr. 4, 2020 Issued a $1,460,200 note to customer Miramar Industries as terms of a merchandise sale. The merchandise's cost to Mesa Construction is $812,110. Note contract terms included a 24-month maturity date, and a 3.3% annual interest rate. Mesa Construction records interest accumulated for 2018. Mesa Construction converts Miramar Industries' dishonored note into account receivable. This includes accumulated interest for the 24-month period. Mesa Construction sells the outstanding debt from Miramar Industries to a collection agency at 40% of the accounts receivable value.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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