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question brief exercise 18 2 adani inc sells goods to geo company for 11 000 on janu 4286756

Question

Brief Exercise 18-2

Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.

Prepare the journal entry to record this transaction on January 2, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

How much total revenue should be recognized on this sale in 2014?

Date

Account Titles and Explanation

Debit

Credit

Jan. 2, 2014

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