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Prepare journal entries for Harper Company

Prepare journal entries to record the following transactions entered into by Harper Company:
2003
June 1 Received a $15,000, 12%, 1-year note from Sue Eddy as full payment on her account.

Nov. 1 Sold merchandise on account to Stone, Inc. for $20,000, terms 2/10, n/30.

Nov. 5 Stone, Inc. returned merchandise worth $2,000.

Nov. 9 Received payment in full from Stone, Inc.

Dec. 31 Accrued interest on Eddy's note.

2004
June 1 Sue Eddy honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2004.

Solution Preview

Prepare journal entries to record the following transactions entered into by Harper Company:
2003
June 1 Received a $15,000, 12%, 1-year note from Sue Eddy as full payment on her account.

June 1 Notes Receivable 15,000
Accounts Receivable 15,000

Nov. 1 Sold ...

Solution Summary

This solution is comprised of journal entries for transactions of Harper Company.

$2.19