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Prepare journal entries to record the following transactions entered into by the Western Boot Company 2019 June 1 Received a $10,000, 6%, 1-year note from
Prepare journal entries to record the following transactions entered into by the Western Boot Company 2019 June 1 Received a $10,000, 6%, 1-year note from Tony Lama as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2020. Nov 1 Sold merchandise on account to Justin, Inc., for $14,000, terms 2/10, n/30 Nov. 5 Justin, Inc., returned merchandise worth $1,000 Nov 9 Received payment in full from Justin, Inc Dec 31 Accrued interest eamed since June 1 on Tony Lama's note Note: Western Boot Company has a December 31 accounting year end 2020 June 1 Tony Lama paid off his promissory note by paying it in full plus 12 months of interest
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