Novak Family Importers sold goods to Tung Decorators for $45,000 on November 1, 2025, accepting Tung's $45,000, 6-month, 5% note. Prepare Novak's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date # Account Titles and Explanation I Debit Crec
Novak Family Importers sold goods to Tung Decorators for $45,000 on November 1, 2025, accepting Tung's $45,000, 6-month, 5% note. Prepare Novak's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date # Account Titles and Explanation I Debit Crec
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Novak Family Importers sold goods to Tung Decorators for $45,000 on November 1, 2025, accepting Tung's
$45,000, 6-month, 5% note.
Prepare Novak's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note
and interest. (If no entry is required, select "No Entry for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when the amount is entered. Do not
indent manually. List all debit entries before credit entries. Record journal entries in the order
presented in the problem.)
Date
Account Titles and Explanation
I
Debit
Crec
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