Solved: On march 1 2017 headland company sold goods to goosen inc, Accounting Basics

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On march 1 2017 headland company sold goods to goosen inc

Question - On March 1, 2017, Headland Company sold goods to Goosen Inc. for $642,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,033,947 (an inputed rate of 10%). The goods have an inventory cost on Headland's books of $405,000.

(a) Prepare the journal entries for Headland on March 1, 2017.

(b) Prepare the journal entries for Headland on December 31, 2017.

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Accounting Basics: On march 1 2017 headland company sold goods to goosen inc

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Accounting Basics: On march 1 2017 headland company sold goods to goosen inc

Reference No:- TGS02667441

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