Brief Exercise 6-10 On January 2, 2017, Windsor Inc. sells goods to wildhorse Company in...
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Accounting
Brief Exercise 6-10 On January 2, 2017, Windsor Inc. sells goods to wildhorse Company in exchange for a zero-interest-bearing note with a face value of $9,680, with payment due in 12 months. The fair value of the goods at the date of sale is $8,800 (cost S6,500). Assume that the company chooses to reflect the interest component. Prepare the jounal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit January 2, 2017 (To record sale) January 2, 2017 To record cost of goods sold) How much total revenue should be recognized in 2017? Revenue Recognized in 2017 s LIST OF ACCOUNTS
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