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Samberg Inc. had the following transactions. a. Oct. 1 Sold $13,000 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1 Received a
Samberg Inc. had the following transactions. |
a. | Oct. 1 Sold $13,000 of merchandise on account, 1/10, n/30 to McCormick Industries. |
b. | Nov. 1 Received a $13,000, 90-day, 9% note from McCormick Industries to settle its $13,000 unpaid balance. |
c. | Dec. 31 Accrued interest on the note. |
d. | Jan. 31 Received the interest on the notes maturity date. |
e. | Jan. 31 Received the principal on the notes maturity date. |
NEED C and D.
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.) |
Samberg Inc. had the tollowing transactions. a. Oct. 1-Sold $13.000 of merchandise on account, 1/10, nl30 to McCormick Industries. b. Nov. 1 Received a S13,000, 90-day, 9%note from McCormick Industries to settle its $13,000 unpaid balance. C. Dec. 31 interest on the note. d. Ji an. 31-Received the interest on the note's maturity date. e. 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, no entry is required for a transactionlevent, select "No Journal EntryRequired" in the first account field View transaction lis journal entry worksheet Date General Journal Debit Credit Oct01 Accounts Receivable 13,000 Sales Revenue 13,000 Now 01 Notes Receivable 13,000 Accounts Receivable 13,000 Interest Revenue Jan 31 cash Interest Revenue Jan 31 cash 13 000 Notes Receivable 13,000
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