BE7.7 (LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting Tung's $30,00o, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
BE7.7 (LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2020, accepting Tung's $30,00o, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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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![BE7.7 (LO 4) Milner Family Importers sold goods to Tung
Decorators for $30,000 on November 1, 2020, accepting
Tung's $30,00o, 6-month, 6% note. Prepare Milner's
November 1 entry, December 31 annual adjusting entry, and
May 1 entry for the collection of the note and interest.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb63ceb03-d098-4c6f-a4fd-03e061664046%2Fd2ce6226-79f8-49f3-bf6e-8e2dc3473764%2F65sgnv.jpeg&w=3840&q=75)
Transcribed Image Text:BE7.7 (LO 4) Milner Family Importers sold goods to Tung
Decorators for $30,000 on November 1, 2020, accepting
Tung's $30,00o, 6-month, 6% note. Prepare Milner's
November 1 entry, December 31 annual adjusting entry, and
May 1 entry for the collection of the note and interest.
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