Samberg Incorporated had the following transactions. October 1 – Sold $20,500 of merchandise on account, 2/11, n/30 to McCormick Industries. November 1 - Received a $20, 500, 90 - day, 11%note from McCormick Industries to settle its $20, 500 unpaid balance. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 - Receivedthe interest on the note's maturity date. January 31 – Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the requiredjournal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

The journal entries are prepared to record the transactions on regular basis. The note receivable is…

Samberg Incorporated had the following transactions. October 1 - Sold $20, 500 of merchandise on account, 2/11, n/30 to McCormick Industries. November 1- Received a $20, 500, 90-day, 119 note from McCormick Industries to settle its $20,500 unpaid balance. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 - Receive the interest on the note's maturity date. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required ournal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Samberg Incorporated had the following transactions. October 1 - Sold $20, 500 of merchandise on account, 2/11, n/30 to McCormick Industries. November 1- Received a $20, 500, 90-day, 119 note from McCormick Industries to settle its $20,500 unpaid balance. December 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 - Receive the interest on the note's maturity date. January 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required: Prepare the required ournal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....

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