On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year, non-interest-bearing note with a face value of $10,000. If Oldham entered into a separate financing transaction with Windall, an appropriate interest rate would be 8%. Which of the following statements is true about the journal entry that records the transaction when Oldham delivers the goods to Windall on
January 1, 2017?
A) Debit Note Receivable for $10,000
B) Credit Sales Revenue $7,600
C) Credit Discount on Note Receivable $2,400
D) Credit Interest Revenue $2,400
A
You might also like to view...
A voluntary export agreement
a. typically applies only to the world's most important exporting nation(s). b. typically applies only to the world's least important exporting nation (s). c. is always more restrictive on trade than a tariff or import quota. d. allows producers with superior products to participate in market.
Regarding the nations and regions from which FDI originated, the ____________ invest primarily in one another, just as they trade more with one another.
What will be an ideal response?
A retail store has three departments, A, B, and C, each of which has four full-time employees. The store does general advertising that benefits all departments. Advertising expense totaled $90,000 for the current year, and departmental sales were: Department A……………… $308,000Department B……………… 644,000Department C……………… 448,000Total sales………………….$1,400,000Calculate the amount of advertising expense that should be allocated to each department?
What will be an ideal response?
A country whose financial markets function poorly is likely to
A) efficiently allocate its capital resources. B) enjoy high productivity. C) experience economic hardship and financial crises. D) increase its standard of living.