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

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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.

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