On July 1, 2022, Kent Corporation Company sold goods to Smooze Company for $800,000 in exchange for

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On July 1, 2022, Kent Corporation Company sold goods to Smooze Company for $800,000 in exchange for a 4-year, zero-interest-bearing note with a face amount of $1,221,163. The goods have an inventory cost on Kent Corporation books of $620,000.

Record the journal entries for July 1, 2022 and the interest (interest rate is 12%) accrued at year end, December 31, 2022.

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Federal Taxation 2020 Comprehensive

ISBN: 9780135196274

33rd Edition

Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse

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Posted Date: Dec 05, 2023 04:01 AM

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On July 1, 2022, Kent Corporation Company sold goods to Smooze Company for $800,000 in exchange for

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July 1 2022 Accounts Receivable 800000 Sales Revenue 800000 To record the sale of g... View the full answer

Federal Taxation 2020 Comprehensive

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