Prepare the journal entry to record this transaction on January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 2, 2025 Jan. 2, 2025 Account Titles and Explanation (To record sales) Debit Credit

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, 2025, Oriole Inc. sells goods to Sheridan Company in exchange for a zero-interest-bearing note with face value of
$10,500, with payment due in 12 months. The fair value of the goods at the date of sale is $9,500 (cost $5,700).
(a1)
Prepare the journal entry to record this transaction on January 2, 2025. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List
all debit entries before credit entries.)
Date
Jan. 2, 2025
Jan. 2, 2025
Account Titles and Explanation
(To record sales)
(To record cost of goods sold)
Debit
Credit
Transcribed Image Text:On January 2, 2025, Oriole Inc. sells goods to Sheridan Company in exchange for a zero-interest-bearing note with face value of $10,500, with payment due in 12 months. The fair value of the goods at the date of sale is $9,500 (cost $5,700). (a1) Prepare the journal entry to record this transaction on January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 2, 2025 Jan. 2, 2025 Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit
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