General Mills reported the following information in its 2013 financial statements ($ in millions):

	2013			2012
Balance Sheets:
Accounts receivable, net	$	1,446.4		$	1,323.6
2013 Income statement:
Sales revenue	$	17,774.1

A note disclosed that the allowance for uncollectible accounts had a balance of $19.9 million and $21.7 million at the end of 2013 and 2012, respectively. Bad debt expense for 2013 was $12.0 million.

Required:

Determine the amount of cash collected from customers during 2013. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

On June 30, 2016, General Mills sold some merchandise to a customer for $30,000. In payment, Mills agreed to accept a 6% note requiring the payment of interest and principal on March 31, 2017. The 6% rate is appropriate in this situation.

Required:

1.

Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 interest accrual, and the March 31, 2017 collection. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. Record the sale of merchandise. 2. Record the interest accrual. 3. Record the cash collection.

2.	If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over-or understated in 2016 and 2017? 2016 income before income taxes would be by 2017 income before income taxes would be by