Question
Samberg Inc. had the following transactions. a. Oct. 1 Sold $14,000 of merchandise on account, 2/10, n/30 to McCormick Industries. b. Nov. 1 Received a
Samberg Inc. had the following transactions.
a. Oct. 1 Sold $14,000 of merchandise on account, 2/10, n/30 to McCormick Industries. b.
Nov. 1 Received a $14,000, 90-day, 11% note from McCormick Industries to settle its $14,000 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.
1. 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 following transactions. a. Oct. 1-Sold $14,000 of merchandise on account, 2110, n30 to McCormick Industries. b. Nov. 1 Received a $14,000, 90-day, 11% note from McCormick Industries to settle its $14,000 unpaid balance. c. Dec. 31 -Accrued interest on the note. d. Jan. 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 joumal 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 view transaction list view general journal Journal Entry Worksheet Record the entry for sale of merchandise on account to McCormick Industries. Debit General Journal Date Oct 01 Enter debits before credits clear entry record entryStep by Step Solution
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