Question
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
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 $1,000. | ||
Nov. | 9 | Received payment in full from Barlow, Inc. | ||
Dec. | 31 | Accrued interest on Gore's note. | ||
2022 | ||||
June | 1 | Dan Gore honored his promissory note by sending the face amount plus interest. |
Date | Account Titles and Explanation | Debit | Credit | |
---|---|---|---|---|
2021 | ||||
June 1Nov. 1Nov. 5Nov. 9Dec. 31 | Enter an account title to record the receipt of the note | Enter a debit amount | Enter a credit amount | |
Enter an account title to record the receipt of the note | Enter a debit amount | Enter a credit amount | ||
June 1Nov. 1Nov. 5Nov. 9Dec. 31 | Enter an account title to record sale on account to Barlow | Enter a debit amount | Enter a credit amount | |
Enter an account title to record sale on account to Barlow | Enter a debit amount | Enter a credit amount | ||
June 1Nov. 1Nov. 5Nov. 9Dec. 31 | Enter an account title to record the return of merchandise from Barlow | Enter a debit amount | Enter a credit amount | |
Enter an account title to record the return of merchandise from Barlow | Enter a debit amount | Enter a credit amount | ||
| Enter an account title to record the payment from Barlow | Enter a debit amount | Enter a credit amount | |
Enter an account title to record the payment from Barlow | Enter a debit amount | Enter a credit amount | ||
Enter an account title to record the payment from Barlow | Enter a debit amount | Enter a credit amount | ||
June 1Nov. 1Nov. 5Nov. 9Dec. 31 | Enter an account title to record accrued interest on Gore's note | Enter a debit amount | Enter a credit amount | |
Enter an account title to record accrued interest on Gore's note | Enter a debit amount | Enter a credit amount | ||
2022 | ||||
June 1Nov. 1Nov. 5Nov. 9Dec. 31 | Enter an account title to record collection of Gore's note and interest | Enter a debit amount | Enter a credit amount | |
Enter an account title to record collection of Gore's note and interest | Enter a debit amount | Enter a credit amount | ||
Enter an account title to record collection of Gore's note and interest | Enter a debit amount | Enter a credit amount | ||
Enter an account title to record collection of Gore's note and interest | Enter a debit amount | Enter a credit amount |
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