Montana Furniture Mart sold $120,000 of furniture and accepted the customer's $120,000 10%, 1-year note receivable in exchange. What would be the debit in this journal entry to record the sale if 10% approximates the market rate of return?

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?