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Prepare journal entries to record the following transactions entered into by the Merando Company: 2009 June 1 Received a $7,000, 6%, 1-year note from Dan
Prepare journal entries to record the following transactions entered into by the Merando Company: 2009 June 1 Received a $7,000, 6%, 1-year note from Dan Gore as full payment on his account. Nov. 1 Sold merchandise on account to Barlow, Inc., for $9,000, terms 2/10, n/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec. 31 Accrued interest on Gore's note. 2010 June 1 Dan Gore honored his promissory note by sending the face amount plus interest.
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