On March 1, 2020, Pronghorn Company sold goods to Goosen Inc. for $600,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $923,174 (an inputed rate of 9%). The goods have an inventory cost on Pronghorn's books of $368,000. (a) Prepare the journal entries for Pronghorn on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On March 1, 2020, Pronghorn Company sold goods to Goosen Inc. for $600,000 in exchange for a 5-year, zero-interest-bearing note in the face ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The procurement process is also referred to as the requisition-to-pay process. a. True b. False
Answers (2)
Leslie contracts with Remodel, Inc., to redo her living room, but she changes her mind and breaches the contract before Remodel can begin work. As a remedy for the breach, Remodel can seek:
Answers (2)
If each unit of output can be sold at a price of $5 and incurs variable costs which are constant at $3 per unit, and if the fixed costs already incurred are $15,000, then the break-even output is:
Answers (1)
Luker Corporation uses a process costing system. The company had $164,500 of beginning Finished Goods Inventory on October 1. It transferred in $841,000 of units completed during the period.
Answers (1)
The idea of supply and demand is based on the development of (Economics)
Answers (2)
New Questions in Business
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes.
Answers (1)
Samantha, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Samantha sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Samantha's gain or loss from the sale? a.
Answers (1)
In a process cost system, the amount of work in process inventory is valued by a. allocating departmental costs between completed and partially completed units b. finding the sum of all completed jobs c.
Answers (1)
You may choose a standardized tool because A. such tools often capture learning in all of the domains. B. such tools are fail-proof. C. such tools capture spontaneous, child-directed learning. D. you're required to use it.
Answers (1)
After you have put a marketing plan in place, it is important to do what? A Monitor the results B. Increase the price Reduce your advertising Segment the market
Answers (1)