Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Dec. 31, 2018 Dec.
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Record journal entries for the following transactions of Wind Solutions.
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Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Mar. 8, 2020 Issued a $2,350,100 note to customer Solar Plex as terms of a merchandise sale. The merchandise's cost to Wind Solutions is $1,002,650. Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate. Wind Solutions records interest accumulated for 2018. Wind Solutions converts Solar Plex's dishonored note into account receivable. This includes accumulated interest for the 24-month period. Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable value.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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