Prepare journal entries to record the following transactions entered into by the Edmond Company. Show...
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Prepare journal entries to record the following transactions entered into by the Edmond Company. Show how you arrive at your interest amounts. 2021 June 1 Received a $6,000,8%, 1-year note from Sue Forest as full payment on her account receivable. Nov. 1 Sold merchandise on account to Reeves, Inc. for $8,000, terms n/30. Nov. 5 Reeves, Inc. returned merchandise worth $1,000. Nov. 9 Received payment in full from Reeves, Inc. Dec. 31 Accrued interest on Forest's note. 2022 May 31 Sue Forest honoured her promissory note by sending the face amount plus interest. No interest has been accrued (recorded) in 2022
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You can see the logs in the Dashboard.