Prepare Journal Entries to Record the Following Transactions Entered into by Glaser

question 165

Essay

Prepare journal entries to record the following transactions entered into by Glaser Company:
2010
June 1 Received a $20,000, 12%, 1-year note from Ann Duff as full payment on her account.
Nov. 1 Sold merchandise on account to Malone, Inc. for $10,000, terms 2/10, n/30.
Nov. 5 Malone, Inc. returned merchandise worth $500.
Nov. 9 Received payment in full from Malone, Inc.
Dec. 31 Accrued interest on Duff's note.
2011
June 1 Ann Duff honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2011.

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Definitions:

Autonomy

The ability or right of individuals to make their own choices and decisions, independent of external influence or control.

Governed

Subject to control or authority, often within an organizational or governmental context.

Fixated

Exhibiting an obsessive or excessive attachment to someone or something, or a developmental state that persists beyond its typical period.

Predictability

The ability to be anticipated or to accurately forecast future events or behaviors based on current knowledge or patterns.