Samberg Inc. had the following transactions. a. Oct. 1- Sold $11,500 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1- Received a $11,500, 90-day, 11% note from McCormick Industries to settle its $11,500 unpaid balance. c. Dec. 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. Jan. 31 – Received the interest on the note's maturity date. e. Jan. 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.
Samberg Inc. had the following transactions. a. Oct. 1- Sold $11,500 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1- Received a $11,500, 90-day, 11% note from McCormick Industries to settle its $11,500 unpaid balance. c. Dec. 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. Jan. 31 – Received the interest on the note's maturity date. e. Jan. 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.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Transcribed Image Text:Samberg Inc. had the following transactions.
a. Oct. 1- Sold $11,500 of merchandise on account, 1/10, n/30 to McCormick Industries.
b. Nov. 1- Received a $11,500, 90-day, 11% note from McCormick Industries to settle its $11,500 unpaid balance.
c. Dec. 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.)
d. Jan. 31 – Received the interest on the note's maturity date.
e. Jan. 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.
View transaction list
Journal entry worksheet
A
В
C D E
>
Record the entry for sale of merchandise on account to McCormick Industries.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Oct 01
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