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Prepare journal entries to record the following transactions entered into by the Marrow Company: accurately only the following account names (not case sensitive): Inventory, A/Rec, N/Rec, Cash, Sales, Sales R/A, Sales/Disc, CGS, Int/Rec, Int/Rev. June    1    Received a $6,000, 12%, 1-year note from Sue Forest as full payment on her account.                     Account       Dr.      Account       Cr.  Nov.    1    Sold merchandise on account to Reeves, Inc., for $7,000, terms 2/10, n/30. Account       Dr.        Account       Cr.  Nov.    5    Reeves, Inc., returned merchandise worth $1,000. Account       Dr.        Account       Cr.  Nov.    9    Received payment in full from Reeves, Inc. Account       Dr.  Account       Dr.       Account       Cr.  Dec.  31    Accrued interest on Forest's note. Account       Dr.       Account       Cr.

Prepare journal entries to record the following transactions entered into by the Marrow Company: accurately only the following account names (not case sensitive): Inventory, A/Rec, N/Rec, Cash, Sales, Sales R/A, Sales/Disc, CGS, Int/Rec, Int/Rev. June    1    Received a $6,000, 12%, 1-year note from Sue Forest as full payment on her account.                     Account       Dr.      Account       Cr.  Nov.    1    Sold merchandise on account to Reeves, Inc., for $7,000, terms 2/10, n/30. Account       Dr.        Account       Cr.  Nov.    5    Reeves, Inc., returned merchandise worth $1,000. Account       Dr.        Account       Cr.  Nov.    9    Received payment in full from Reeves, Inc. Account       Dr.  Account       Dr.       Account       Cr.  Dec.  31    Accrued interest on Forest's note. Account       Dr.       Account       Cr.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare journal entries to record the following transactions entered into by the Marrow Company:

accurately only the following account names (not case sensitive): Inventory, A/Rec, N/Rec, Cash, Sales, Sales R/A, Sales/Disc, CGS, Int/Rec, Int/Rev.

June    1    Received a $6,000, 12%, 1-year note from Sue Forest as full payment on her account. 

                   Account       Dr. 
    Account       Cr. 

Nov.    1    Sold merchandise on account to Reeves, Inc., for $7,000, terms 2/10, n/30.
Account       Dr. 
      Account       Cr. 

Nov.    5    Reeves, Inc., returned merchandise worth $1,000.
Account       Dr. 
      Account       Cr. 

Nov.    9    Received payment in full from Reeves, Inc.
Account       Dr. 
Account       Dr. 
     Account       Cr. 

Dec.  31    Accrued interest on Forest's note.
Account       Dr. 
     Account       Cr. 

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