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Prepare journal entries to record the following transactions entered into by the Sheffield Corp.: (Credit account titles are automatically indented when the amount is entered.
Prepare journal entries to record the following transactions entered into by the Sheffield Corp.: (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 $12,000, 9%, 1-year note from Dan Gore as full payment on his account. | ||
| Nov. | 1 | Sold merchandise on account to Barlow, Inc., for $20,000, terms 3/10, n/30. | ||
| Nov. | 5 | Barlow, Inc., returned merchandise worth $1,200. | ||
| 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. | ||
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