A. Prepare a bank reconciliation for June 30 B. Prepare any adjusting entries necessary as a result of the bank reconciliation
PROBLEM #2: Prepare journal entries to record the following transactions entered into by the Merando Company: 2011
June 1 Received a $9,000, 6%, 1-year note from Dan Gore as full payment on his account
Nov. 1 Sold merchandise on account to Barlow, Inc., for $12,000, terms 2/10, n/30
Nov. 5 Barlow, Inc., returned merchandise worth $1,000.
Nov. 9 Received payment in full from Barlow, Inc.
Dec. 31 Accrued interest on Gore's note. 2012
June 1 Dan Gore honored his promissory note by sending the face amount plus interest

Date       Account Title and Exp.         Debit           Credit

June 1     6% Note Receivable             $9,000  

2011             Accounts Receivable - Dan Gore        $9,000

              (To Record Note receivable received

                as a full payment on account)

Nov 1      Accounts Receivable              $12,000

2011           - Barlow Inc

                      Sales                                                     $12,000

              (To Record the sales on account)

Nov 1      Sales Return and Allowances $1,000  

2011                 Accounts Receivable - Barlow Inc.     $1,000

              (To Record the sales return and allowances)

Nov 9       Cash                                        $10,780

2011          Sales Discounts                      $220

                ($11,000 *2%)

                        Accounts Receivable - Barlow Inc.    $11,000

                 (To Record the full payment of balance)

Dec 31       Interest Receivable                $315  

2011                   Interest Revenue                                  $315

                         ($9,000 * 6% * 7 /12)

             (To Record the Interest accrued on note for 7 months)  

June 1       Cash                                        $9,540  

2012               Note Receivable                                      $9,000

                       Interest Receivable                                 $315

                       Interest Revenue                                     $225

                       ($9,000 * 6% * 5 /12)

                (To Record the maturity of note receivable)

answer (b); /// a method of measuring the opinions of a large group of people by selecting a subset of the larger group, asking them a set of questions and then generalizing those responses;