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Prepare journal entries to record the following transactions entered into by the Merando Company: 2016...

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Accounting

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Prepare journal entries to record the following transactions entered into by the Merando Company: 2016 June 1 Received a $10.000, 6%, 1-year note from Dan Gore as settlement on his account receivable. The note plus interest for 12 months is due in one year on June 1, 2017 Nov. 1 Sold merchandise on account to Barlow, Inc., for $14,000, terms 2/10, 1/30. Nov. 5 Barlow, Inc., returned merchandise worth $1,000. Nov. 9 Received payment in full from Barlow, Inc. Dec. 31 Based on information above, prepare any necessary year end adjusting entries. Note: Merando Company has a December 31" accounting year end 2017 June 1 Dan Gore paid off his promissory note by paying it in full plus 12 months of interest

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