On May 1, 2020, People's Networks sold computer networking supplies to Florida Autos for $43,100. The cost of the supplies is $19,395. Instead of payin immediately, Florida Autos signed a note receivable with 10% annual interest, payable in eight months with the principle amount. People's Networks has a year end of October 31. a) Record the journal entry when the sale is made; assume People's Networks uses the perpetual inventory system. Date Account Title and Explanation May 1 May 1 To record sales for notes receivable Debit Credit To record cost of goods sold b) Prepare journal entries for the year end adjustment on October 31, 2020. Date Account Title and Explanation Debit Oct 31 0 = To record accrued interest revenue Credit c) Prepare journal entries for receipt of payment from Florida Autos on January 1, 2021. Date Jan 1 Account Title and Explanation 0 0 To record the receipt of payment for principle and interest Debit Credit