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3 years ago

The following information pertains to Windsor Solar Panels, Inc.

Social Studies

1 answer:

Sidana [21]3 years ago

4 0

Answer:

Windsor Solar Panels, Inc.

Date Account Titles and Explanation Debit Credit

July 1 Accounts Receivable (Wildhorse Co.) $128,000

Sales Revenue $128,000

To record the sale of solar panels, terms 3/15, n/30.

July 12 Accounts Receivable (Novak Corp.) $82,000

Sales Revenue $82,000

To record the sale of solar panels, terms 4/10, n/60.

July 18 Cash Account $78,720

Cash Discount $3,280

Accounts Receivable (Novak Corp.) $82,000

To record the receipt of payment from Novak Corp.

July 20 Sales Allowances $2,100

Accounts Receivable (Wildhorse Co.) $2,100

To record the credit allowance granted to Wildhorse Company.

July 29 Cash Account $125,900

Accounts Receivable (Wildhorse Co.) $125,900

To record the receipt of payment from Wildhorse Company

July 31 "No Entry"

Explanation:

Windsor Solar Panels, Inc. will record the above journal entries to initially record the business transactions that take place within the period. These journal entries determine the accounts to be debited and the ones to be credited in the general journal.

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