Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit...
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Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2017 June 1 Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account. Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $500. Nov. 9 Dec. 31 Received payment in full from Patton, Inc. Accrued interest on Foley's note. 2018 June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2018. 2017 June 1 Nov. 1 Nov. 5 Nov. 9 Dec. 31 2018 2018 June 1
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