On October 1, 2023, Blossom sold one of its super deluxe combination gas/charcoal barbecues to a local builder. The builder plan to install it in one of its "Parade of Homes" houses. Blossom accepted a three-year, zero-interest-bearing note with a face amoun of $3,940. The barbecue has an inventory cost of $1,998. An interest rate of 10% is an appropriate market rate of interest for thi customer. Prepare the journal entries on October 1, 2023, and December 31, 2023. (Credit account titles are automatically indente when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,275.)

On October 1, 2023, Blossom sold one of its super deluxe combination gas/charcoal barbecues to a local builder. The builder plan to install it in one of its "Parade of Homes" houses. Blossom accepted a three-year, zero-interest-bearing note with a face amoun of $3,940. The barbecue has an inventory cost of $1,998. An interest rate of 10% is an appropriate market rate of interest for thi customer. Prepare the journal entries on October 1, 2023, and December 31, 2023. (Credit account titles are automatically indente when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,275.)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 50P

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