Accounting help!?
On December 31, 2017, Windsor Inc. rendered services to Beghun Corporation at an agreed price of $115,355, accepting $45,800 down and agreeing to acce
On December 31, 2017, Windsor Inc. rendered services to Beghun Corporation at an agreed price of $115,355, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 12% is imputed.
1.Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes.
2.Prepare the entries that would be recorded by Windsor Inc. for the sale on December 31, 2017.
3.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2018.
4.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2019.
5.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2020.
6.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2021.
Anything will help! I don't even know where to start!
or:On December 31, 2017, Windsor Inc. rendered services to Beghun Corporation at an agreed price of $115,355, accepting $45,800 down and agreeing to accept the balance in four equal installments of $22,900 receivable each December 31. An assumed interest rate of 12% is imputed.1.Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes.2.Prepare the entries that would be recorded by Windsor Inc. for the sale on December 31, 2017.3.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2018.4.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2019.5.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2020.6.Prepare the entries that would be recorded by Windsor Inc. for the (a) receipts and (b) interest on December 31, 2021.Anything will help! I don't even know where to start!
