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Brief Exercise 7-7 Ayayai Family Importers sold goods to Tung Decorators for $38,400 on November 1, 2017, accepting Tung's $38,400, 6-month, 7% note. Prepare Ayayai's

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Brief Exercise 7-7 Ayayai Family Importers sold goods to Tung Decorators for $38,400 on November 1, 2017, accepting Tung's $38,400, 6-month, 7% note. Prepare Ayayai's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Reco order presented in the problem.) Date Account Titles and Explanation Credit

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