Prepare journal entries to record the following transactions entered into by the Sheffield Corp.: (Credit account titles
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Question:
Prepare journal entries to record the following transactions entered into by the Sheffield Corp.: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
2021 | ||||
June | 1 | Received a $12,000, 9%, 1-year note from Dan Gore as full payment on his account. | ||
Nov. | 1 | Sold merchandise on account to Barlow, Inc., for $20,000, terms 3/10, n/30. | ||
Nov. | 5 | Barlow, Inc., returned merchandise worth $1,200. | ||
Nov. | 9 | Received payment in full from Barlow, Inc. | ||
Dec. | 31 | Accrued interest on Gore's note. | ||
2022 | ||||
June | 1 | Dan Gore honored his promissory note by sending the face amount plus interest. | ||
Expert Answer:
Journal entries date June 1 Nov 1 Nov 5 Nov 9 Dec 31 June 1 account and explanation Notes receiv... View the full answer
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