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Prepare general journal entries to record the sale

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PROBLEM - On November 1, Greenwood Boats sold a 85-foot yacht to a young businessman for $650,000. At the time of sale, Greenwood was given $50,000 in cash and a $600,000 note for the remainder of the sale price. The note was for 6 months and included an interest rate of 5%. Prepare general journal entries to record (1) the sale of the yacht, (2) the accrual of interest on December 31, and (3) the collection of the note and interest on April 1.

Reference no: EM132955282

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