Prepare the journal entries for Ayayai on March

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Reference no: EM132654048

Question - On March 1, 2020, Ayayai Company sold goods to Goosen Inc. for $714,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,203,132 (an inputed rate of 11%). The goods have an inventory cost on Ayayai's books of $364,000.

Required -

Prepare the journal entries for Ayayai on March 1, 2020.

Would the first entry be accounts receivalbe for the face amount?

Reference no: EM132654048

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