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Question 13 Not yet Anwared Marked out of 20.00 P Flag question On May 1, 2020, Peaple's Networks sold computer networking supplies to Florida Autos for $47,900. The cost of the supplies is $21,555. Instead of paying immediately, Florida Aulas signed a note receivable with 7% annual interest, payable in eight months with the principle amount. People's Networks has a year end of October 31. Do not enter doller signs or commas in the input boxes. Round all answers to the nearest whole number For transaction with twa debits or credits enter the debit accounts in alphabetical order followed by the credit accounts in alphabetical order. a) Record the journal entry when the sale is made, assume People's Networks uses the perpetual inventory system. Date Account Title and Explanation Debit Credit May 1 Notes Receivable 47900 Accounts Receivable + 4790 To record sales for notes receivable May 1 Cost of Goods Sold . Merchandise Inventory To record cost of goods sold by Prepare journal entries for the year end adjustment on October 31, 2020 Date Account Title and Explanation Debit Credit Oct 31 Interest Receivable Interest Revenue + To record accrued interest revenue c) Prepare journal entries for receipt of payment from Florida Autos on January 1, 2021. Date Account Title and Explanation Debit Credit Jan 1 Cash + . + To record the receipt of payment for principle and interest