Samberg Inc. had the following transactions a. Oct. 1 - Sold $17,000 of merchand

Question

Samberg Inc. had the following transactions a. Oct. 1 - Sold $17,000 of merchandise on account, 2/10, n/30 to McCormick Industries b. Nov. 1-Received a $17,000, 90-day, 10% note from McCormick Industries to settle its $17,000 unpaid balance c. Dec. 31 - Accrued interest on the note d. Jan. 31 - Received the interest on the note's maturity date e. Jan. 31 - Received the principal on the note's 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.) View transaction list Journal entry worksheet 2 4 Record the entry for sale of merchandise on account to McCormick Industries Note: Enter debits before credits Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Date Particulars Dr Cr Oct 01 Accounts receivable dr              17,000.00 To Sales                 17,000.00 Nov 01 Note receivable Dr              17,000.00 To Accounts receivable                 17,000.00 Dec 31 Interest receivable DR                    283.33 To Interest Revenue                       283.33 (17000*10%*2/12) Jan 31 Cash DR                    425.00 To Interest Receivable                       283.33 To Interest revenue                       141.67 (17000*10%*1/12) Jan 31 Cash DR              17,000.00 To Note receivable                 17,000.00

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