Prepare journal entries to record the following transactions entered into by Valente Company:
2017
June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Patton, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Patton, Inc.
Dec. 31 Accrued interest on Foley's note.
2018
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2018.

Question

Quizplus · Accepted Answer

The Answer of Prepare journal entries to record the following transactions entered into by Valente Company:
2017
June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30.
Nov. 5 Patton, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Patton, Inc.
Dec. 31 Accrued interest on Foley's note.
2018
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2018.

Prepare Journal Entries to Record the Following Transactions Entered into by Valente