Question
Prepare journal entries to record the following transactions entered into by Glaser Company:2019 June 1 Received a $30,000, 8%, 1-year note from Ann Duff as
Prepare journal entries to record the following transactions entered into by Glaser Company:2019
June 1 Received a $30,000, 8%, 1-year note from Ann Duff as full payment on her account.
Nov. 1 Sold merchandise on account to Malone, Inc. for $18,000, terms 2/10, n/30.
Nov. 5 Malone, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Malone, Inc.
Dec. 31 Accrued interest on Duff's note.
2020
June 1 Ann Duff honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2020.
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Accounting Information Systems
Authors: George H Bodnar, William S Hopwood
10th Edition
013609712X, 978-0136097129
