Prepare journal entries to record the following transactions entered into by Valente Company: 2012 June 1...
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Prepare journal entries to record the following transactions entered into by Valente Company: 2012 June 1 Received a $10,000, 12%, 1-year note from Doreen Borke as full payment on her account. Nov. 1 Sold merchandise on account to Lyleen, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Lyleen, Inc. returned merchandise worth $500. Nov. 9 Received payment in full from Lyleen, Inc. Dec. 31 Accrued interest on Borke's note. 2013 June 1 Doreen Borke honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013. Prepare journal entries to record the following transactions entered into by Valente Company: 2012 June 1 Received a $10,000, 12%, 1-year note from Doreen Borke as full payment on her account. Nov. 1 Sold merchandise on account to Lyleen, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Lyleen, Inc. returned merchandise worth $500. Nov. 9 Received payment in full from Lyleen, Inc. Dec. 31 Accrued interest on Borke's note. 2013 June 1 Doreen Borke honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013.
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Date General Journal Debit Credit June 1 2012 Notes Receivable 100... View the full answer
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
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