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Accounting question help! Notes receivable and market rate
Okay here's the question
The express company makes a sale to a customer. The price of the sale is 27,000. Express company accepts a 3 year note from the buyer. Additional info. 1) date of sale-march 1,2010 2)maturity date of note-march 1 2013 3)interest rate stated on note- 2% 4) market rate of interest for similar risk buyers -8% Required: prepare the journal entries for the express company for march 1,2010; December 31 2010; march 1, 2011 and December 31,2011 |
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