Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. prepare journal entries to record the following

1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19...

90.2K

Verified Solution

Question

Accounting

1. Prepare journal entries to record the following transactions entered into by Bluenote Corporation (19 marks):

2017

Jun 1 Received a $9,000, 4%, 1-year note from Kim Sharp as full payment on her account. Interest is due at maturity.

Nov 1 Sold merchandise on account to Henrik Inc. for $7,000, terms 2/10, n/30. The cost of the merchandise was $5,950 and Bluenote uses a perpetual inventory system.

5 Henrik Inc. returned unopened merchandise that they had paid $2,000 for, which had cost Bluenote $1,700. The inventory was returned to the store shelves.

9 Received payment in full from Henrik Inc.

Dec 31 Accrued interest on Sharps note.

2018

Jun 1 Kim Sharp honoured her promissory note by sending the principal amount plus interest. No interest has been accrued in 2018.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

A share of stock is currently worth $90 and has a volatility of 20%. The domestic...

Psychology
1.2K views

What is a melting pot society and are we a melting pot society? Why or why...

Advance Math
1.2K views

4 a) Find the Fourier Integral representation of ?(?) = 1 ?? |?| < 1 0 ??...

Accounting
1.2K views

Accountants have advocated two types of income statements based on differing views of the concept of...

Accounting
1.2K views

Alexi's bought a home for $1,000,000 during year 1. She made a $200,000 down payment and...

Physics
1.2K views

SolveLancer Test A student has a coil with resistance 20 and inductance 80 mH which...

Geometry
1.2K views

1 2 pair of triangles 1 State one of the following A a b C...

Basic Math
1.2K views

Solve the following quadratic equation by using the quadratic formula If needed submit your answer...

Basic Math
1.2K views

Use a graphing utility to approximate the solutions to three decimal places of the equation...

Statistics
1.2K views

A coin is tossed 20 times In 12 of the flips heads appeared Find the...

Accounting
1.2K views

give a summary of the table representing the financial data of a company. ...

Finance
1.2K views

All of the following affect the value of a MNC, except Select one: O a...