Cullumber & Co. sold goods with a market price of $126000 on April 1. They accepted...

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Cullumber & Co. sold goods with a market price of $126000 on April 1. They accepted a note from Marin Inc. for $126000 due in two years, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this transaction, what journal entry should be recorded to record the sale (ignore Cost of Goods sold) when the sale takes place? Cullumber & Co. sold goods with a market price of $126000 on April 1. They accepted a note from Marin Inc. for $126000 due in two years, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this transaction, what journal entry should be recorded to record the sale (ignore Cost of Goods sold) when the sale takes place?

Answer rating: 100% (QA)

To record the sale of goods on April 1 you would make the following jo... View the full answer