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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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 v
12/31/22
5/1/23
Account Titles and Explanation
Notes Receivable
Sales Revenue
terest Receivable
Interest Revenu
Cath
Interest Receivable
interest Revenue
Debit
40.800
408
42400
Credit
40.800
40800
400
814
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