Question
Question Area Prepare the journal entries to record the following transactions entered into by the Edmond Company. (Don't incoude any Merchandise Inventory accounts) 2008 June
| Question Area | ||||||||||
| Prepare the journal entries to record the following transactions entered into by the Edmond Company. (Don't incoude any Merchandise Inventory accounts) | ||||||||||
| 2008 | ||||||||||
| June 1 | Received a $6,000, 1-year. 8%, note from Sue Forest as full payment on her account | |||||||||
| Nov. 1 | Sold merchandise on account to Reeves Inc. for $8,000, terms 2/10, n/30 | |||||||||
| Nov. 5 | Reeves Inc. returned merchandise worth $1,000 | |||||||||
| Nov. 9 | Received payment from Reeves Inc, less the applicable discount. | |||||||||
| Dec. 31 | Accrued interest on Forest's note. | |||||||||
| 2009 | ||||||||||
| Jun. 1 | Sue Forest honoured her promissory note by sending the face amountplus interest. No interest has been accrued in 2009. | |||||||||
| Chart of Accounts | ||||||||||
| Cash | Sales | |||||||||
| Accounts Receivable (Acct Name) | Sales Resturns & Allowances | |||||||||
| Notes Receivable | Sales Discounts | |||||||||
| Interest Receivable | Interest Revenue | |||||||||
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Excise Tax Air Transportation IRS Audit Techniques Guide ATG
Authors: Internal Revenue Service
1st Edition
1304112772, 978-1304112774
