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Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 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. Dec. 31, 2018 Wind Solutions records interest accumulated for 2018. Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account  receivable. This includes accumulated interest for the 24-month period. Mar. 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a  collection agency at 25% of the accounts receivable value

Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 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. Dec. 31, 2018 Wind Solutions records interest accumulated for 2018. Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account  receivable. This includes accumulated interest for the 24-month period. Mar. 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a  collection agency at 25% of the accounts receivable value

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Record journal entries for the following transactions of Wind Solutions.
Jan. 1, 2018 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.
Dec. 31, 2018 Wind Solutions records interest accumulated for 2018.
Dec. 31, 2019 Wind Solutions converts Solar Plex’s dishonored note into account 
receivable. This includes accumulated interest for the 24-month period.
Mar. 8, 2020 Wind Solutions sells the outstanding debt from Solar Plex to a 
collection agency at 25% of the accounts receivable value

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