38) On December 1, 2019, Pinewood Company sold machinery to a customer for $2,000. Pinewood regularly sells machinery. The customer could not pay at the time of sale but agreed to pay 9 months later and signed a 9-month note at 12% interest. Prepare the journal entry to record the revenue at the time of sale. Ignore the entry for cost of goods sold. Omit explanation.

39) ABC Accepted a90 day, 8%, $50,000 Note Receivable from from a customer to replace an Account Receivable. The note matured and ABC received $50,500 at maturity. Record the entry for the collection of the note receivable.

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