eBook Print Item Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. 88 Jan. 1, 2018 To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 8% interest rate Jan. 1, 2018 To record the cost of sale Dec. 31, 2018 To record interest accumulated in 2018 Dec. 31, 2019 To record interest accumulated in 2019 Dec. 31, 2020 To record collection of principal and accumulated interest

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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EPrint Item
Dec. 31, 2019 Telesco records interest accumulated for 2019.
Dec. 31, 2020 Abe Willis honors the note and pays in full with cash.
If an amount box does not require an entry, leave it blank.
88
Jan. 1, 2018
To record sale in exchange for
Notes Receivable: Willis, 36-month maturity, 8% interest rate
Jan. 1, 2018
To record the cost of sale
Dec. 31, 2018
To record interest accumulated in 2018
Dec. 31, 2019
To record interest accumulated in 2019
Dec. 31, 2020
To record collection of principal
and accumulated interest
Transcribed Image Text:еВook EPrint Item Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. 88 Jan. 1, 2018 To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 8% interest rate Jan. 1, 2018 To record the cost of sale Dec. 31, 2018 To record interest accumulated in 2018 Dec. 31, 2019 To record interest accumulated in 2019 Dec. 31, 2020 To record collection of principal and accumulated interest
еВook
Print Item
Record journal entries for the following transactions of Telesco Enterprises.
Jan. 1, 2018
Issued a $331,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise's cost to Telesco is $125,900.
Note contract terms included a 36-month maturity date, and a 8% annual interest rate.
Dec. 31, 2018 Telesco records interest accumulated for 2018.
Dec. 31, 2019 Telesco records interest accumulated for 2019.
Dec. 31, 2020 Abe Willis honors the note and pays in full with cash.
If an amount box does not require an entry, leave it blank.
Jan. 1, 2018
To record sale in exchange for
Notes Receivable: Willis, 36-month maturity, 8% interest rate
Jan. 1, 2018
To record the cost of sale
Dec. 31, 2018
To record interest accumulated in 2018
88
Dec. 31, 2019
To record interest accumulated in 2019
Dec. 31, 2020
Previous
Transcribed Image Text:еВook Print Item Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Issued a $331,700 note to customer Abe Willis as terms of a merchandise sale. The merchandise's cost to Telesco is $125,900. Note contract terms included a 36-month maturity date, and a 8% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Telesco records interest accumulated for 2019. Dec. 31, 2020 Abe Willis honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. Jan. 1, 2018 To record sale in exchange for Notes Receivable: Willis, 36-month maturity, 8% interest rate Jan. 1, 2018 To record the cost of sale Dec. 31, 2018 To record interest accumulated in 2018 88 Dec. 31, 2019 To record interest accumulated in 2019 Dec. 31, 2020 Previous
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