Question: Please complete part b Exercise 18-4 (Part Level Submission) Windsor Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017.
Exercise 18-4 (Part Level Submission) Windsor Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2017. The goods have a sales price of $639,100 (cost of $480,000). The terms are net 30. If Danone pays within 5 days however, it receives a cash discount of $9,100. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Windsor for the full sales price. Your answer is correct. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Windsor Company on anuary 2, 2017, and the payment on January 28, 2017. Assume that Windsor Company records the January 2, 2017, transaction using the net method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts.) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Windsor Company on January 2, 2017, and the payment on January 28, 2017. Assume that Windsor Company records the January 2, 2017, transaction using the gross method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts.)
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