Valentine Company | |||
Date | Particular | Amount (Dr) | Amount (Cr) |
1-Jun | Notes Receivable | $ 10,000.00 | |
To accounts Receivable-Andrea Foley | $ 10,000.00 | ||
(12% Note received for Andrea Foley for fill payment of her account) | |||
1-Nov | Accounts Receivable-Patton Inc. | $ 12,000.00 | |
To Sales | $ 12,000.00 | ||
(Sales to Patton Inc. on accounts terms 2/10,n/30) | |||
5-Nov | Sales Return & Allowances | $ 500.00 | |
To Accounts Receivable-Patton Inc. | $ 500.00 | ||
(Sales return by Patton Inc.) | |||
9-Nov | Cash($12000-$500)*98% | $ 11,270.00 | |
Sales Discount($12000-$500)*2% | $ 230.00 | ||
To Accounts Receivable--Patton Inc. | $ 11,500.00 | ||
(Amount received from Patton Inc. after considering return and discount) | |||
31-Dec | Interest Receivable($10000*12%*7/12) | $ 700.00 | |
To Interest | $ 700.00 | ||
(Amount of Interest accrued on Note @12% for 7 months | |||
1-Jun | Cash | $ 11,200.00 | |
To Notes Receivable | $ 10,000.00 | ||
To Interest Receivable | $ 700.00 | ||
To Interest Received($10000*12%*5/12) | $ 500.00 | ||
(Amount of Note received with interest) |
Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions...
Prepare journal entries to record the following transactions entered into by the Merando Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2010 June 1 Nov. 1 Nov. S Nov. 9 Dec. 31 2017 June 1 Received a $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Barlow, Inc., returned merchandise worth $1,000. Received payment in full...
Record journal Prepare journal entries to record the following transactions entered into by the Wildhorse Corditaccounts are automatically indented when the amount is entered Donat indenfmal entries in the order presented in the problem) 20221 June 1 Received a $16,800.7% 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. In returned merchandise worth $1.000 Now 9 Received payment in full from...
Prepare journal entries to record the following transactions entered into by the Novak 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 $15,000,6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $17,000, terms 3/10,n/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received...
Please help with November 9th journal entry. Prepare journal entries to record the following transactions entered into by the Sheridan Company: (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 $15,000,8%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $17,000, terms 2/10,n/30. Nov. 5 Barlow, Inc.,...
1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks): 2017 Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity. Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system. 5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for,...
1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks): 2017 Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity. Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system. 5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for,...
. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks): 2017 Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity. Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system. 5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for,...
Prepare journal entries to record the following transactions entered into by the Nash's Trading Post, LLC: (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 $10,000, 6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $16,000, terms 2/10, n/30. Nov. 5 Barlow, Inc., returned merchandise worth...
Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec....
Exercise 1 Prepare journal entries to record the following transactions entered into by ABC Company: 2020 Aug. 1 Received a $30,000, 12%, 1-year note from Davis Cortez as full payment on his account. Sept. 10 Sold merchandise on account to Melendez, Inc. for $20,000, terms 2/10, n/30. Oct. 9 Received payment in full from Melendez, Inc. Dec. 31 Accrued interest on Cortez's note. 2021 Aug. 1 Davis Cortez honored his promissory note by sending the face amount plus interest. No interest has been accrued in 2021.