On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in re terest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, a requently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry nter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not inden ntries before credit entries.) Date Account Titles and Explanation Debit
On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in re terest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, a requently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry nter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not inden ntries before credit entries.) Date Account Titles and Explanation Debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please give explanation do not give directly answer
I will give you upvot
Transcribed Image Text:On January 1, 2025, Oriole Co. sells land for which it had paid $707,400 to Sargent Company, receiving in return Sargent's zero-
interest-bearing note for $1,000,000 payable in 5 years. What entry would Oriole make to record the sale, assuming that Oriole
frequently sells similar items of land for a cash sales price of $651,000? (If no entry is required, select "No Entry" for the account titles and
enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit
entries before credit entries.)
Date Account Titles and Explanation
Jan. 1
Notes Receivable
Discount on Notes Receivable
Debit
Credit
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education