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3 Samberg incorporated had the following transactions. a. October 1 - Sold $17.500 of merchandise on account, 2/9,n/30 to MeCormick industries. b. November 1 -
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Samberg incorporated had the following transactions. a. October 1 - Sold $17.500 of merchandise on account, 2/9,n/30 to MeCormick industries. b. November 1 - Recelved a $17,500,90-day, 9% note from McCormick industries to settle its $17,500 unpaid balance. c. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Recelved the interest on the note's maturity date. e. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dellar amount.) Required: Prepare the required joumal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) epare the required journal entries. (If no entry is required for a trai count field.) A Record the entry for sale of merchandise on account to McCormick Industries. B Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. c Record the entry for interest accrued on prothissory note received from McCormick Industries. D Record the entry for interest received, from McCormick Industries, on the note's maturity date. E Record the entry for payment received from McCormick Industries the principal on the note's maturity date. Note : = journal entry has been entered Step by Step Solution
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