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Provide the relevant journal entries on Dec

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Question - Chen Inc. accepted a two-year non-interest-bearing note with a principal of $605,000 on January 1, 2020. The interest is paid annually on Dec 31st and the note is due on Dec 31st 2021. This note was accepted as payment for the sale of merchandise with a fair value of $500,000. The merchandise cost Chen Inc. $440,000 to produce. The effective interest rate is 5%. The firm uses perpetual inventory.

Provide the journal entries on Jan 1st 2020.

Provide the adjusting entries on Dec 31st 2020.

Provide the relevant journal entries on Dec 31st 2021.

Reference no: EM132794921

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