Bramble Family Importers sold goods to Marin Decorators for $24,000 on November 1, 2023, accepting Marin's...

Transcribed Image Text:

Bramble Family Importers sold goods to Marin Decorators for $24,000 on November 1, 2023, accepting Marin's $24,000, six-mont 3% note. (a) Your answer is correct. Prepare Bramble's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation 1/1/23 Notes Receivable Sales Revenue 2/31/23 v Interest Receivable Interest Income Debit Credit 24000 120 24000 130 Date Account Titles and Explanation Debit 1/1/23 Notes Receivable Sales Revenue 2/31/23 v Interest Receivable Interest Income 11/24 Cash Notes Receivable Interest Receivable Interest Income 24000 120 24360 Credit 24000 120 24000 120 240 Assume instead that Bramble uses reversing entries. Prepare any appropriate reversing entry at January 1, 2024, and the May 1, 2024 entry for the collection of the note and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit Bramble Family Importers sold goods to Marin Decorators for $24,000 on November 1, 2023, accepting Marin's $24,000, six-mont 3% note. (a) Your answer is correct. Prepare Bramble's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation 1/1/23 Notes Receivable Sales Revenue 2/31/23 v Interest Receivable Interest Income Debit Credit 24000 120 24000 130 Date Account Titles and Explanation Debit 1/1/23 Notes Receivable Sales Revenue 2/31/23 v Interest Receivable Interest Income 11/24 Cash Notes Receivable Interest Receivable Interest Income 24000 120 24360 Credit 24000 120 24000 120 240 Assume instead that Bramble uses reversing entries. Prepare any appropriate reversing entry at January 1, 2024, and the May 1, 2024 entry for the collection of the note and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit