On luly 1,2025, Windsor Inc made two sales. 1. It sold land having a fair...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On luly 1,2025, Windsor Inc made two sales. 1. It sold land having a fair value of $914,620 in exchange for a 4 -year zero-interest-bearing prombsory note in the face amount of $1,439,168. The land is carried on Windsor's books at a cost of $600,100 2. It rendered services in exchange for a 3K, 8-year promissory note having a face value of $405,130 finterest payable annually.. Windsor Inc recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these fwo transactions hawe credit ratings that require them to borrow moncy at 12% interest. Record the two journal entries that ahould be recorded by Windsor inci for the sales trancactions above that took place on July 1. 2025, (Hound present value foctor cakudations to 5 dedindl ploces, eg. 1.25124 and final answers to 0 declmal places, ea. 5 .275. Jf no entry is repulrad, select 'No Entry' for the account tieies and enter of for the amounts. Credit account tieles are automatically lndented when the amount Is entered. Do not indent manually, (ist all debit entries before credit entrles)
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
