On September 1, Year 3, Geco Co. sold $40,000 of goods and accepted a one-year, 12%...

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On September 1, Year 3, Geco Co. sold $40,000 of goods and accepted a one-year, 12% note. b. If no reversing entries were made after December 31, Year 3, and adjusting entries were made on December 31, 2019, record the collection of the note on September 1, Year 4. Assume a 360-day year. Assume instead that a non-interest-bearing note for $44,800 for the same goods was issued. What balance sheet accounts and amounts would be disclosed on December 31, Year 3? On September 1, Year 3, Geco Co. sold $40,000 of goods and accepted a one-year, 12% note. b. If no reversing entries were made after December 31, Year 3, and adjusting entries were made on December 31, 2019, record the collection of the note on September 1, Year 4. Assume a 360-day year. Assume instead that a non-interest-bearing note for $44,800 for the same goods was issued. What balance sheet accounts and amounts would be disclosed on December 31, Year 3?

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1 On September 1 Year 3 Geco Co sold 40000 of goods and accepted a noninterestbearing note for 44800 ... View the full answer