Question #$5$

Prepare journal entries to record the following transactions entered into by the Western Boot and Saddle Company of Alamo California:

${2022}_{?}$

June $1$ Received a $$30,000,5\%,1-$year note from Tony Lama for settlement of his account receivable. The note plus interest for $12$ months is due in one year on June $1,2023.$

Nov. $1$ Sold merchandise on account to Double H Boots, Inc., for $$9,800,$ terms $\frac{2}{10},\frac{n}{30}.$

Nov. $5$ Double H Boots, Inc., returned merchandise worth $$1,000.$

Nov. $9$ Received payment in full from Double H Boots, Inc.

Dec. $31$ Recorded an adjusting entry to accrue interest earned since June $1^{st}$ on Tony Lama's note.

Note: Western Boot and Saddle Company has a December ${31}^{st}$ accounting year end

${2023}_{?}$

June $1$ Received full payment from Tony Lama on the promissory note dated June $1,2022.$

Be sure to prepare all journal entries in proper form and with correct account names