Riverbed Corporation issued a 5-year, $80,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $80,000. In addition, Riverbed agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 12%. Click here to view factor tables. Prepare Riverbed Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. 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 January 1, 2025 Account Titles and Explanation Cash Discount on Notes Payable Notes Payable Unearned Sales Revenue Debit 80000 Credit 80000

Riverbed Corporation issued a 5-year, $80,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $80,000. In addition, Riverbed agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 12%. Click here to view factor tables. Prepare Riverbed Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. 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 January 1, 2025 Account Titles and Explanation Cash Discount on Notes Payable Notes Payable Unearned Sales Revenue Debit 80000 Credit 80000

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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