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Prepare journal entries to record the following transactions entered into by the Humber 2021 June 1 Received a $6,000, 8%, 1-year note from Sue Forest
Prepare journal entries to record the following transactions entered into by the Humber
2021 | |
June 1 | Received a $6,000, 8%, 1-year note from Sue Forest as full payment on her account. |
Nov 1 | Sold merchandise on account to Reeves, Inc. for $8,000, terms n/30. |
Nov 5 | Reeves, Inc. returned merchandise worth $1,000. |
Nov 9 | Received payment in full from Reeves, Inc. |
Dec 31 | Accrued interest on Forest's note. |
2022 | |
June 1 | Sue Forest honoured her promissory note by sending the face amount plus interest. No interest has been accrued in 2002. |
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