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Prepare journal entries to record transactions by Valente

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

2018

June 1 Received a $10,000, 12%, 1-year note from Doreen Borke as full payment on her account.

Nov. 1 Sold merchandise on account to Lyleen, Inc. for $12,000, terms 2/10, n/30.

Nov. 5 Lyleen, Inc. returned merchandise worth $500.

Nov. 9 Received payment in full from Lyleen, Inc.

Dec. 31 Accrued interest on Borke's note.

2019

June 1 Doreen Borke honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013.

Reference no: EM132545881

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