(Answered) Question - prepare journal entries to record the following

Accounting

Question - Prepare journal entries to record the following transactions entered into by Valente Company:

2014

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 Received payment in full from Patton, Inc.

Dec. 31 Accrued interest on Foley's note.

2015

June 1 Andrea Foley honored her promissory note by sending the face amount plus interest.

No interest has been accrued in 2015.

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