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Prepare the necessary journal entries for Windsor

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Reference no: EM132429326

Question - The following information pertains to Windsor Solar Panels, Inc.

July 1: Sold $132,000 of solar panels to Wildhorse Company with terms 2/15, n/30. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,500 will be honored on this sale.

July 12: Sold $93,000 of solar panels to Swifty Corp. with terms of 3/10, n/60. Windsor expects no allowances related to this sale.

July 18: Swifty Corp. paid Windsor for its July 12 purchase.

July 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 $2,300 as compensation.

July 29: Wildhorse Company paid Windsor for its July 1 purchase.

July 31: Windsor expects allowances of $4,140 to be grated in the future related to solar panel sales in July.

Prepare the necessary journal entries for Windsor.

Reference no: EM132429326

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