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Prepare journal entries to record the following transactions entered into by Valente Company: 2018 June1Received a $10,000, 12%, 1-year note from Doreen Borke as full

Prepare journal entries to record the following transactions entered into by Valente Company:

2018

June1Received a $10,000, 12%, 1-year note from Doreen Borke as full payment on her account.

Nov.1Sold merchandise on account to Lyleen, Inc. for $12,000, terms 2/10, n/30.

Nov.5Lyleen, Inc. returned merchandise worth $500.

Nov.9Received payment in full from Lyleen, Inc.

Dec. 31Accrued interest on Borke's note.

2019

June1Doreen Borke honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013.

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