Question

Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account...

Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

2017
June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, 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.
2018
June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2018.

Date

Account Titles and Explanation

Debit

Credit

2017

June 1

Nov. 1

Nov. 5

Nov. 9

Dec. 31

2018

June 1
Business   Accounting   
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