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Problem 8-218 [LO 8-4) Samberg Inc. had the following transactions. a. Oct. 1 - Sold $20,500 of merchandise on account, 110, n/30 to McCormick Industries.
Problem 8-218 [LO 8-4) Samberg Inc. had the following transactions. a. Oct. 1 - Sold $20,500 of merchandise on account, 110, n/30 to McCormick Industries. b. Nov. 1 - Received a $20,500, 90-day, 11% note from McCormick Industries to settle its $20,500 unpaid balance. c. Dec 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. Jan. 31 - Received the interest on the note's maturity date. e. Jan. 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required journal entries. Required: Prepare the required journal entries. View transaction list View Journal entry worksheet No Date General Journal Debit Credit A Oct 01 20,500 Accounts Receivable Sales Revenue 20,500 B Nov 01 20,500 Notes Receivable Accounts Receivable 20.500 Dec 31 376 Interest Receivable Interest Revenue 376 D Jan 31 564 Cash Interest Receivable 564 E Jan 31 20,500 Cash Notes Receivable 20,500
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