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Edmond Company had the following transactions during 2017 and 2018: 2017 Jun 1 Received a $7, 500, 1-year, 4%, note from Sue Forest as full
Edmond Company had the following transactions during 2017 and 2018: 2017 Jun 1 Received a $7, 500, 1-year, 4%, note from Sue Forest as full payment on her account. Nov 1 Sold merchandise on account to Reeves, Inc. for $16,000, terms 2/10, n/30. Nov 5 Reeves, Inc. returned merchandise worth $4,000. Nov 9 Received payment from Reeves, Inc. less the applicable discount. Dec 31 Accrued interest on Forests note. 2018 Jun 1 Sue Forest honoured her promissory note by sending the face amount plus interest. No interest has been accrued in 2018. Required: Prepare journal entries to record the transactions described
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