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Samberg Inc. had the following transactions. a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30...

Samberg Inc. had the following transactions. a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries b. Nov. 1-Received a $22,000, 90-day, 9 % note from McCormick Industries to settle its $22,000 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 C D < A B E Record the entry for sale of merchandise on account to McCormick Industries. Note: Enter debits before credits Date General Jourmal Debit Credit Oct 01 a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1-Received a $22,000,90-day, 9 % note from McCormick Industries to settle its $22,000 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 amou Required: Prepare the required journal entries. View transaction list Journal entry worksheet A C D Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. Note: Enter debits before credits Date General Journal Debit Credit Nov 01 JUnUCI9 .uuuIe iU Wng uuaucuon3 a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries b. Nov. 1-Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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 B C E Record the entry for interest accrued on promissory note received from McCormick Industries. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 g uurrsucuo Jumueiy "ITIUU Ie TUmoW a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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 doller ame Required: Prepare the required journal entries. View transaction list Journal entry worksheet < A B D E Record the entry for interest received, from McCormick Industries, on the note's maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Jan 31 iz G Saved Jumuerg TUue TUOWIng IUIaucuon3. a. Oct 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries. b. Nov. 1-Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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 B C D E Record the entry for payment received from McCormick Industries the principal on the note's maturity date. Note: Enter debits before credits Date General Journal Debit Credit Jan 31

Homework Answers

Answer #1
Date Accounts Debit Credit
Oct.1 Accounts receivable $22,000
Sales revenue $22,000
(To record sales on account))
Nov.1 Note receivable $22,000
Accounts receivable $22,000
(To record note received)
Dec.31 Interest receivable $165
Interest income (22,000 * 9% * 1/12) $165
(To record accrued interest)
Jan.31 Cash $495
Interest receivable $165
Interest income (22,000 * 9% * 2/12) $330
(To record interest received on maturity)
Jan.31 Cash $22,000
Notes receivable $22,000
(To record maturity of note)
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