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On January 2, 2017 Adani inc. sells goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $ with payment due in 12 moniths. The fair value of the goods at the date of sale is $10,000 (cost $6.000) Prepare the Jourmal entry to record this transaction on January 2, 2017 O Notes Recelvalbile $10,000 Sales Revenue $10,000 Notes Receivabile $11,000 Sales Revenue $11,000 O Notes Receivabile $11.000 Sales Revenue $10,000 Discount on Notes Receivable $1.000 Notes Receivable $10.000 Discount on Notes Receivable Sales Revenue $1.000 $11.000

On January 2, 2017 Adani inc. sells goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $ with payment due in 12 moniths. The fair value of the goods at the date of sale is $10,000 (cost $6.000) Prepare the Jourmal entry to record this transaction on January 2, 2017 O Notes Recelvalbile $10,000 Sales Revenue $10,000 Notes Receivabile $11,000 Sales Revenue $11,000 O Notes Receivabile $11.000 Sales Revenue $10,000 Discount on Notes Receivable $1.000 Notes Receivable $10.000 Discount on Notes Receivable Sales Revenue $1.000 $11.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 2, 2017 Adani inc. sells goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $11,000 with payment due in 12 moniths. The fair value of the goods at the date of sale is $10,000 (cost $6.000) Prepare the Jourmal entry to record this transaction on January 2, 2017 O Notes Recevable $10,000 Sales Revenue $10,000 O Notes Receivable $11.000 Sales Revenue $11.000 O Notes Receivable $11 000 Sales Revenue $10,000 Discount on Notes Receivable Notes Receivable Discount on Notes Receivable Sales Revenue $1.000 $10.000 $1.000 $11.000
Transcribed Image Text:On January 2, 2017 Adani inc. sells goods to Geo Company in exchange for a zero-interst-bearing note with a face value of $11,000 with payment due in 12 moniths. The fair value of the goods at the date of sale is $10,000 (cost $6.000) Prepare the Jourmal entry to record this transaction on January 2, 2017 O Notes Recevable $10,000 Sales Revenue $10,000 O Notes Receivable $11.000 Sales Revenue $11.000 O Notes Receivable $11 000 Sales Revenue $10,000 Discount on Notes Receivable Notes Receivable Discount on Notes Receivable Sales Revenue $1.000 $10.000 $1.000 $11.000
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