Brief Exercise 7-6 Milner Family Importers sold goods to Tung Decorators for $30
ID: 2459909 • Letter: B
Question
Brief Exercise 7-6
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2014, accepting Tung’s $30,000, 6-month, 5% note.
Prepare Milner’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Date
Account Titles and Explanation
Debit
Credit
11/1/1412/31/145/1/15
11/1/1412/31/145/1/15
11/1/1412/31/145/1/15
Explanation / Answer
Nov 1
Notes Receivable 30,000
Sales Revenue 30,000
Dec 31
Interest Receivable 250
Interest Revenue 250
May 01
Cash 30,750
Interest Receivable 250
Interest Revenue 500
Notes Receivable 30,000
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