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Please answer this question correctly Oct. 1 - Sold $11, 500 of merchandise on account, 1/10, n/30 to McCormick Industries. Nov. 1 - Received a
Please answer this question correctly
Oct. 1 - Sold $11, 500 of merchandise on account, 1/10, n/30 to McCormick Industries. Nov. 1 - Received a $11, 500, 90-day, 11% note from McCormick Industries to settle its $11, 500 unpaid balance. Dec. 31 - Accrued interest on the note. Jan. 31 - Received the interest on the note's maturity date. Jan. 31 - Received the principal on the note's maturity date. Required: Prepare the required journal entries. (Round your answer to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the entry for sale of merchandise on account to McCormick Industries. 2 Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries 3 Record the entry for interest accrued on promissory note received from McCormick Industries 4 Record the entry for interest received, from McCormick Industries, on the note's maturity date. 5 Record the entry for payment received from McCormick Industries the principal on the note's maturity dateStep by Step Solution
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