on november 1,2021, buffalo farm equipment sold a harvesting machine to stead industries. Instead of a...

on november 1,2021, buffalo farm equipment sold a harvesting machine to stead industries. Instead of a cash payment, stead industries gave buffalo farm equipment a 89000 two-year,6.0% note. the note required interest to be paid quarterly starting february 1,2022. Buffalo farm equipment's financial statements are prepared on a calendar-year basis.

Prepare journal entries for buffalo farm equipment for the full term of the note . Include the sale of the equipment on Nov1,2021, receipt of interest, adjusting entries required on December 31,2021 and 2022, and the collection of the note on november 1,2023. Ignore cost of goods sold.

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Answer: Journal entries for Buffalo farm equipment for the sale and receipt of note against Sales:

ekkarill92 answered 1 year ago

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