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

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Brief Exercise 7-7 Blue Family Importers sold goods to Tung Decorators for $38,400 on November 1, 2017, accepting Tung's $38,400, 6-month, 7% note . Prepare Blue'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 "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented the problem.) Credit Date Account Titles and Explanation Debit

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