Maurice Tutor

(5)

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 6 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Sep 2017 My Price 7.00

Elmira School District

Long-term notes receivable

On January 1, 2016, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $515,000 by Elmira on December 31, 2018. The effective interest rate is 8%.

Required:

1. How much sales revenue would Wright recognize on January 1, 2016, for this transaction?

2. Prepare journal entries to record the sale of merchandise on January 1, 2016 (omit any entry that might be required for the cost of the goods sold), the December 31, 2016, interest accrual, the December 31, 2017, interest accrual, and receipt of payment of the note on December 31, 2018.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Sep 2017 11:09 AM My Price 7.00

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