Prepare journal entries to record the following transactions entered into by the ayayai corp.: (credit account titles are automatically indented when the amount is entered. do not indent manually. record journal entries in the order presented in the problem.)
2021
june 1 received a $12,000, 8%, 1-year note from dan gore as full payment on his account.
nov. 1 sold merchandise on account to barlow, inc., for $16,000, terms 3/10, n/30.
nov. 5 barlow, inc., returned merchandise worth $1,300.
nov. 9 received payment in full from barlow, inc.
dec. 31 accrued interest on gore's note.
2022
june 1 dan gore honored his promissory note by sending the face amount plus interest.

note receivables    12,000 debit

    accounts receivables    12,000 credit

--to record reception of note from Dan Gore to settle his account--

Accounts receivables     16000 debit

         Sales revenues                   16.000 credit

--to record sale in account--

sales returns&allowance    1,300 debit

          Accounts receivables       1,300 credit

--to record returned goods--

cash           14,259 debit

sales discount 441 debit

     Accounts receivable      14,700 credit

--to record payment from Barlow--

cash       12,960 debit

  interest revenue     960 credit

  note receivable   12,000 credit

--to record collection of promissory note from Dan Gore--

Explanation:

Barlow invoice transactions:

16,000   invoice nominal

- 1,300  returned goods

14,700  amount subject to discount of 3%

  - 441  discount as collected within first ten days

14,259 cash proceeds

Dan Gore promissory note:

principal x rate x time

12,000 x 8% per year x 1 year = 960 interest revenue

total 12,000 + 960 = 12,960

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.