Question
Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Issued a $2,351,100 note to customer Solar Plex as terms of a
Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Issued a $2,351,100 note to customer Solar Plex as terms of a merchandise sale. The merchandises cost to Wind Solutions is $1,006,650. Note contract terms included a 24-month maturity date, and a 2.1% annual interest rate. Dec. 31, 2018 Wind Solutions records interest accumulated for 2018. Dec. 31, 2019 Wind Solutions converts Solar Plexs dishonored note into account receivable. This includes accumulated interest for the 24-month period. March 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a collection agency at 25% of the accounts receivable value. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 - Record sale Notes Receivable: Solar Plex Notes Receivable: Solar Plex 2,351,100 Notes Receivable: Solar Plex Sales Revenue Sales Revenue Sales Revenue 2,351,100 Jan. 1, 2018 - Cost of sale Cost of Goods Sold Cost of Goods Sold 1,006,650 Cost of Goods Sold Merchandise Inventory Merchandise Inventory Merchandise Inventory 1,006,650 Dec. 31, 2018 Interest Receivable: Solar Plex Interest Receivable: Solar Plex 49,373 Interest Receivable: Solar Plex Interest Revenue Interest Revenue Interest Revenue 49,373 Dec. 31, 2019 Accounts Receivable: Solar Plex Accounts Receivable: Solar Plex Accounts Receivable: Solar Plex Notes Receivable: Solar Plex Notes Receivable: Solar Plex Notes Receivable: Solar Plex - Select - - Select - - Select - - Select - Mar. 8, 2020 - Select - - Select - - Select - - Select - - Select - - Select -
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