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    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.

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    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.

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