Business, 11.05.2021 21:30 mjr2002june

On August 1, 2021, JCN Company sold goods to MKN Company in exchange for a 2 year zero-interest bearing note of $2,325,783 (transaction price). The goods, on August 1, 2021, have a fair value of $1,800,000. The goods were delivered on August 12, 2021 thus satisfying the performance obligation with MKN Company. Assume that the cost of the goods sold by JCN is $1,000,000 and JCN uses the perpetual inventory system. Answer/Prepare the following: 1. When should revenue be recorded on this transaction (provide the date) 2. Prepare the journal entries for the recognition of revenue on this sales by JCN ( please us DR and CR to indicate debit and credit) 3. Would there be an adjusting entry needed at the end of the period related to this transaction

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On August 1, 2021, JCN Company sold goods to MKN Company in exchange for a 2 year zero-interest bear...