Solved: Adani inc sells goods to geo company for 11000 on january 2, Accounting Basics

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Adani inc sells goods to geo company for 11000 on january 2

Question: Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000. Prepare the journal entry to record this transaction on January 2, 2014. How much total revenue should be recognized on this sale in 2014.

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Accounting Basics: Adani inc sells goods to geo company for 11000 on january 2

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