Describe the total revenue should be recognized, Accounting Basics

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Describe the total revenue should be recognized

On January 2, 2014, Adani Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $11,000, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000 (cost $6,000). Prepare the journal entry to record this transaction on January 2, 2014. How much total revenue should be recognized in 2014?

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Accounting Basics: Describe the total revenue should be recognized

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Accounting Basics: Describe the total revenue should be recognized

Reference No:- TGS0696610

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Calculate the receivables and inventory turnover ratios

Q : Inform the president of any new internal control

Q : What was its revenue per bale

Q : Calculate the balance in the deferred gross profit

Q : Describe the total revenue should be recognized

Q : Problem on horizontal spring with a spring constant

Q : How to discover several payments

Q : Find enthalpy of micellization according to phase separation

Q : What were the firms budgeted collections for april

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Describe the total revenue should be recognized

Reference No:- TGS0696610

Recent Questions Asked Accounting Basics

Q : Calculate the receivables and inventory turnover ratios

Q : Inform the president of any new internal control

Q : What was its revenue per bale

Q : Calculate the balance in the deferred gross profit

Q : Describe the total revenue should be recognized

Q : Problem on horizontal spring with a spring constant

Q : How to discover several payments

Q : Find enthalpy of micellization according to phase separation

Q : What were the firms budgeted collections for april

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