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c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31-Received the interest on the note's maturity date. e. January 31-Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.

c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31-Received the interest on the note's maturity date. e. January 31-Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer c,d,e All 3 parts
Samberg Incorporated håd the following transactions. a. October 1 - Sold $23,500 of merchandise on account, 2/10, n/30 to McCormick Industries. b. November 1- Received a $23,500, 90-day, 10% note from McCormick Industries to settle its $23,500 unpaid balance. c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 31- Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Mc Required: Prepare the required journal entries. (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 < B Note: Enter debits before credits. Date January 31 Record the entry for interest received, from McCormick Industries, on the note's maturity date. D Record entry E General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Samberg Incorporated håd the following transactions. a. October 1 - Sold $23,500 of merchandise on account, 2/10, n/30 to McCormick Industries. b. November 1- Received a $23,500, 90-day, 10% note from McCormick Industries to settle its $23,500 unpaid balance. c. December 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. January 31 - Received the interest on the note's maturity date. e. January 31- Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Mc Required: Prepare the required journal entries. (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 < B Note: Enter debits before credits. Date January 31 Record the entry for interest received, from McCormick Industries, on the note's maturity date. D Record entry E General Journal Clear entry Debit Credit View general journal
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