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Prepare journal entries to record the transactions

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Question - Prepare journal entries to record the following transactions entered into by Valente Company:

2014  

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.

2015  

June    1    Andrea Foley honored her promissory note by sending the face amount plus interest.            

No interest has been accrued in 2015.

Reference no: EM131724010

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