Business, 20.10.2020 01:01 kajjumiaialome

The following information pertains to Windsor Solar Panels, Inc. July 1 Sold $128,000 of solar panels to Wildhorse Company with terms 3/15, n/30. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,500 will be honored on this sale.
12 Sold $82,000 of solar panels to Novak Corp. with terms of 4/10, n/60. Windsor expects no allowances related to this sale.
18 Novak Corp. paid Windsor for its July 12 purchase.
20 Wildhorse calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Windsor grants a credit of $2,100 as compensation.
29 Wildhorse Company paid Windsor for its July 1 purchase.
31 Windsor expects allowances of $5,340 to be grated in the future related to solar panel sales in July.
Prepare the necessary journal entries for Larkspur. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Date Account Titles and Explanation Credit Debit
July 18

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Answer from: asseatingbandit

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.

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

Answer from: Quest

The letter c i’m pretty sure

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The following information pertains to Windsor Solar Panels, Inc. July 1 Sold $128,000 of solar pane...

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