Samberg Incorporated had the following transactions. a. October 1 - Sold $22,000 of merchandise on account, 2/9, n/30 to McCormick Industries. b. November 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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.) 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)
Samberg Incorporated had the following transactions. a. October 1 - Sold $22,000 of merchandise on account, 2/9, n/30 to McCormick Industries. b. November 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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.) 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Samberg Incorporated had the following transactions.
a. October 1 - Sold $22,000 of merchandise on account, 2/9, n/30 to McCormick Industries.
b. November 1- Received a $22,000, 90-day, 9% note from McCormick Industries to settle its $22,000 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.)
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.)
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