Business, 08.09.2020 14:01 zakeiryh

A. Prepare a bank reconciliation for June 30 B. Prepare any adjusting entries necessary as a result of the bank reconciliation
PROBLEM #2: Prepare journal entries to record the following transactions entered into by the Merando Company: 2011
June 1 Received a $9,000, 6%, 1-year note from Dan Gore as full payment on his account
Nov. 1 Sold merchandise on account to Barlow, Inc., for $12,000, terms 2/10, n/30
Nov. 5 Barlow, Inc., returned merchandise worth $1,000.
Nov. 9 Received payment in full from Barlow, Inc.
Dec. 31 Accrued interest on Gore's note. 2012
June 1 Dan Gore honored his promissory note by sending the face amount plus interest

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Answer from: sierram298

Date Account Title and Exp. Debit Credit

June 1 6% Note Receivable $9,000

2011 Accounts Receivable - Dan Gore $9,000

(To Record Note receivable received

as a full payment on account)

Nov 1 Accounts Receivable $12,000

2011 - Barlow Inc

Sales $12,000

(To Record the sales on account)

Nov 1 Sales Return and Allowances $1,000

2011 Accounts Receivable - Barlow Inc. $1,000

(To Record the sales return and allowances)

Nov 9 Cash $10,780

2011 Sales Discounts $220

($11,000 *2%)

Accounts Receivable - Barlow Inc. $11,000

(To Record the full payment of balance)

Dec 31 Interest Receivable $315

2011 Interest Revenue $315

($9,000 * 6% * 7 /12)

(To Record the Interest accrued on note for 7 months)

June 1 Cash $9,540

2012 Note Receivable $9,000

Interest Receivable $315

Interest Revenue $225

($9,000 * 6% * 5 /12)

(To Record the maturity of note receivable)

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answer; ///hong kong;

Answer from: Quest

it's obviously d. it could be c though.

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A. Prepare a bank reconciliation for June 30 B. Prepare any adjusting entries necessary as a result...

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