Question
Samberg Inc. had the following transactions. a. Oct. 1 Sold $23,000 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 $23,000 of merchandise on account, 2/10, n/30 to McCormick Industries. |
| b. | Nov. 1 Received a $23,000, 90-day, 11% note from McCormick Industries to settle its $23,000 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. |
| 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.) |
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