Question
Samberg Inc. had the following transactions. a. Oct. 1-Sold $10,300 of merchandise on account, 2/10, n/30 to McCormick Industries. b. Nov. 1-Received a $10,300, 90-day,
Samberg Inc. had the following transactions. a. Oct. 1-Sold $10,300 of merchandise on account, 2/10, n/30 to McCormick Industries. b. Nov. 1-Received a $10,300, 90-day, 9% note from McCormick Industries to settle its $10,300 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. EX E A Record the entry for sale of merchandise on account to McCormick Industries. B Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C Record the entry for interest accrued on promissory note received from McCormick Industries. D Record the entry for interest received, from McCormick Industries, on the note's maturity date. E Record the entry for payment received from McCormick Industries the principal on the note's maturity date. Note: = journal entry has been entered Record entry Clear entry dustrie C View ge
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