Essay
Prepare journal entries to record the following transactions entered into by Valente Company:
2016
June 1 Received a $10000 12% 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton Inc. for $12000 terms 2/10 n/30.
Nov. 5 Patton Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Patton Inc.
Dec. 31 Accrued interest on Foley's note.
2017
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2017.
Correct Answer:
Verified
Correct Answer:
Verified
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