Flint Family Importers sold goods to Tung Decorators for $40.800 on November 1, 2022; accepting Tung's $40,800, 6-month, 6% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1, 2023 entry for the collection of the note and interest. (If no entry is required, select "No Entry for the account titles and enter O 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 11/1/22 12/31/22 5/1/23 ♥ Account Titles and Explanation Notes Receivable Sales Revenue Interest Rever Cath Interest Receivable interest Revenue Debit 40.000 408 Credit 40.800 40800 400 814

Flint Family Importers sold goods to Tung Decorators for $40.800 on November 1, 2022; accepting Tung's $40,800, 6-month, 6% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1, 2023 entry for the collection of the note and interest. (If no entry is required, select "No Entry for the account titles and enter O 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 11/1/22 12/31/22 5/1/23 ♥ Account Titles and Explanation Notes Receivable Sales Revenue Interest Rever Cath Interest Receivable interest Revenue Debit 40.000 408 Credit 40.800 40800 400 814

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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