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Milner Family Importers sold goods to Tung Decorators for $40,000 on November 1, 2014, accepting Tungs $40,000, 6-month, 7% note. Prepare Milners November 1 entry,

Milner Family Importers sold goods to Tung Decorators for $40,000 on November 1, 2014, accepting Tungs $40,000, 6-month, 7% note.

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

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