On January 1, 2019, BB Jane Inc. sold goods for $35,000 and offered the customer no interest
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Question:
On January 1, 2019, BB Jane Inc. sold goods for $35,000 and offered the customer no interest and no payments for three years. $35,000 is due on December 31, 2021. The interest rate for this type of transaction is 6.75%.
Required:
Prepare all the journal entries required for the years 2019, 2020, and 2021 to account for the sale of goods all the way to the payoff of the note?
Round all calculations and journal entry amounts to the nearest dollar?
Expert Answer:
Related Book For 
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
