The Oriole Company makes a sale on account for $880. The market rate of interest is 12%, and the terms of the sale indicate that$880 cash is to be received at the end of four months.What amount should The Oriole Company record regarding this sale and the related account receivable?

The Oriole Company makes a sale on account for $880. The market rate of interest is 12%, and the terms of the sale indicate that$880 cash is to be received at the end of four months.What amount should The Oriole Company record regarding this sale and the related account receivable?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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