Prepare journal entries to record the following transactions entered into by the Merando Company: 20X1 Received a

Prepare journal entries to record the following transactions entered into by the Merando Company:

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20X1 Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Sold merchandise on account to Barlow, Ic., for $14,000, terms 2/10, n/30. Barlow, Inc., returned merchandise worth $1,000. Received payment in full from Barlow, Inc. June 1 Nov. 1 Nov. 5 Nov. 9 Dec. 31 Accrued interest on Gore's note. 20X2 June 1 Dan Gore honored his promissory note by sending the face amount plus interest. Date Debit Credit 20X1 Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Sold merchandise on account to Barlow, Ic., for $14,000, terms 2/10, n/30. Barlow, Inc., returned merchandise worth $1,000. Received payment in full from Barlow, Inc. June 1 Nov. 1 Nov. 5 Nov. 9 Dec. 31 Accrued interest on Gore's note. 20X2 June 1 Dan Gore honored his promissory note by sending the face amount plus interest. Date Debit Credit

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Journal entry Date General Journal Debit Credit June 1 Notes receivableDan Gore 10000 Account r... View the full answer