Prepare journal entries to record the following transactions entered into by the Sheffield Corp.: (Credit...
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Accounting
Prepare journal entries to record the following transactions entered into by the Sheffield 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, 9%, 1-year note from Dan Gore as full payment on his account.
Nov.
1
Sold merchandise on account to Barlow, Inc., for $20,000, terms 3/10, n/30.
Nov.
5
Barlow, Inc., returned merchandise worth $1,200.
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.
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