Ask Question
BusinessBusiness
13 February, 03:21

On November 1, 2021, Green Valley Farm entered into a contract to buy a $150,000 harvester from JohnDeere. The contract required Green Valley Farm to pay $150,000 in advance on November 1, 2021. Theharvester (cost of $110,000) was delivered on November 30, 2021. The journal entry to record thecontract on November 1, 2021 includes a

+3
Answers (1)
  1. 13 February, 03:28
    0
    Journal Entry

    Explanation:

    The Journal Entry is shown below:-

    Cash Dr, $150,000

    To Unearned sales revenue $150,000

    (Being receipt of cash in advance is recorded)

    Therefore to record the inflow funds we debited cash and to record the liability/obligation to deliver such goods we credited unearned sales revenue.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On November 1, 2021, Green Valley Farm entered into a contract to buy a $150,000 harvester from JohnDeere. The contract required Green ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Howard's bank gave him a personal loan because they found him creditworthy. Which type of loan did Howard get? a secured loan an unsecured loan a variable-rate loan
Answers (1)
Joanna received $55,800 compensation from her employer, the value of her stock in ABC company appreciated by $12,400 during the year (but she did not sell any of the stock), and she received $34,600 of life insurance proceeds from the death of her
Answers (1)
Important changes are occurring on your team as task agendas become clarified and members begin to understand one another's personal styles. Attention is beginning to shift toward obstacles that may stand in the way of task accomplishment.
Answers (2)
If honda (a japan-based firm) produces a car in ohio and exports it to japan, in which country's gdp will the car be counted? a. the gdp of the united states because that is where it was built b. japan's, because honda is a japanese company c.
Answers (1)
You are sitting in a restaurant and the waiter brings you the food that you ordered a while ago. If you think about you being the flow unit in the process of the restaurant - which step of this process will be downstream relative to your current
Answers (2)
New Questions in Business
Which of the following is a drawback of setting pay rates based strictly on a pay policy line? A. It increases the administrative burden of managing the compensation system. B. Employees have difficulty interpreting regression analysis. C.
Answers (1)
Long-lived assets are: a) non-operating assets expected to yield their economic benefits (or service potential) over a period longer than one year.
Answers (1)
An airline company is interested in the opinions of their frequent flyer customers about their proposed new routes. Specifically, they want to know what proportion of them plan to use one of their new hubs in the next 10 months.
Answers (1)
Taylor Bank lends Guarantee Company $92,811 on January 1. Guarantee Company signs a $92,811, 12%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is
Answers (1)
Why is it important to know the interest rate on your credit card? a) The higher the interest rate, the more money you will be paying back b) The higher the interest rate, the less money you will be paying back c) The lower the interest rate, the
Answers (2)
Home » Business » On November 1, 2021, Green Valley Farm entered into a contract to buy a $150,000 harvester from JohnDeere. The contract required Green Valley Farm to pay $150,000 in advance on November 1, 2021.
Sign Up Forgot Password?