On December 1,2019,Pinewood Company Sold Machinery to a Customer for $2,000.Pinewood

question 185

Essay

On December 1,2019,Pinewood Company sold machinery to a customer for $2,000.Pinewood regularly sells machinery.The customer could not pay at the time of sale but agreed to pay 9 months later and signed a 9-month note at 12% interest.Prepare the journal entry to record the revenue at the time of sale.Ignore the entry for cost of goods sold.Omit explanation.

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Definitions:

Intellectual Skills

The capabilities related to thinking, reasoning, and understanding that are used to solve problems, make decisions, and grasp complex ideas.

Psychometric

Pertaining to the measurement of mental traits, capacities, and processes through standardized psychological tests.

Individual Differences

Variabilities in psychological traits, abilities, and behaviors among individuals.

Logical Reasoning

The process of using a rational, systematic series of steps based on sound mathematical procedures and given statements to arrive at a conclusion.