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Make journal entry to record the transaction from january

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On January 2, 2020, Buffalo Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,000, with payment due in 12 months. The fair value of the goods at the date of sale is $9,200 (cost $5,520).

Problem 1: Prepare the journal entry to record this transaction on January 2, 2020. (Credit account titles are automatically indented when amount is entered.)

Reference no: EM132683776

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