Widgetry Inc. sells two types of widgets: round widgets and square widgets. Round widgets retail...
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Widgetry Inc. sells two types of widgets: round widgets and square widgets. Round widgets retail for $1 each, while square widgets retail for $4 each.
On Dec 1st 2021, their customer purchases 2000 round widgets and 1500 square widgets. The customer picks up the round widgets on the date of sale and the square widgets are to be shipped on Jan 10th 2021.
The customer pays with a two-year, $8,000 non-interest-bearing note. The market rate for similar notes is 5%.
Provide the journal entries recognized by Widgetry Inc. on the date of the sale.
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