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Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2020, accepting Acme's $20,000, six-month, 6% note. Prepare Emil's November 1 entry,

Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2020, accepting Acme's $20,000, six-month, 6% note.

Prepare Emil's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.

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