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Samberg Incorporated had the following transactions. a. October 1 - Sold $25,000 of merchandise on account, 2/11, n/30 to McCormick Industries. b. November 1 -
Samberg Incorporated had the following transactions. a. October 1 - Sold $25,000 of merchandise on account, 2/11, n/30 to McCormick Industries. b. November 1 - Received a $25,000, 90-day, 11% note from McCormick Industries to settle its $25,000 unpaid balance. c. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 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. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)
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