New Tech sells new widgets for $1000. One of its customers is short in cash so...
New Tech sells new widgets for $1000. One of its customers is short in cash so they pay $800 in cash and trade in a used widget with a fair value of $300. What is the journal entry New Tech would record for this transaction?
Homework Answers
Required journal is as below:
|
Date |
Account titles and explanations |
Ref. |
Debit |
Credit |
|
Cash |
$800 |
|||
|
Widget (used) |
$300 |
|||
|
Sales revenue |
$1,000 |
|||
|
Unrealized gain |
$100 |
|||
|
To record selling of product in exchange of partial cash and partial kind. |
Unrealized gain = (Cash + Widget fair value) – Sales revenue
= (800 + 300) – 1,000
= 1,100 – 1,000
= $100
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