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Record journal entries for the following transactions of Wind Solutions.

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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Principles Of Accounting Volume 1 Financial Accounting

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Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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Question Posted: Aug 15, 2022 02:25 AM

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