Complete journal entry’s A-E Samberg Incorporated had the following transactions:a. October 1 – Sold $23,500 of merchandise on account, terms 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.)**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.)*There is a button labeled "View transaction list."Below this, there's a section titled "Journal entry worksheet." ### Journal Entries OverviewThis educational module outlines the process of recording various financial transactions between a business and McCormick Industries. Each transaction requires a specific journal entry to ensure accurate financial reporting.#### A. Sale of Merchandise- **Task**: Record the entry for the sale of merchandise on account to McCormick Industries.#### B. Acceptance of Promissory Note- **Task**: Record the entry for acceptance of a promissory note in exchange for accounts receivable from McCormick Industries.#### C. Interest Accrued on Promissory Note- **Task**: Record the entry for interest accrued on the promissory note received from McCormick Industries.#### D. Interest Received on Maturity Date- **Task**: Record the entry for interest received from McCormick Industries on the note’s maturity date.#### E. Payment Received on Maturity Date- **Task**: Record the entry for payment received from McCormick Industries for the principal on the note’s maturity date.### Additional Information- **Note**: A green dot indicates that a journal entry has been successfully entered.### Interface Navigation Options- **Buttons**: - "Record entry": Use this to log a financial transaction. - "Clear entry": Use this to remove an existing entry. - **Navigation**: - "Prev": Navigate to the previous page. - "3 of 7": Indicates the current page in the sequence.

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Description: Complete journal entry’s A-E Samberg Incorporated had the following transactions:a. October 1 – Sold $23,500 of merchandise on account, terms 2/10, n/30 to McCormick Industries.b. November 1 – Received a $23,500, 90-day, 10% note from McCormick Indus

2/10 n/30 means 2% discount will be given if payment is made within 10 days and final payment to be…

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Accounting

Samberg Incorporated had 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.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the account field.) View transaction list Journal entry worksheet < A B Save C D E

Samberg Incorporated had 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.) Required: Prepare the required journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the account field.) View transaction list Journal entry worksheet < A B Save C D E

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Complete journal entry’s A-E

Samberg Incorporated had the following transactions:

a. October 1 – Sold $23,500 of merchandise on account, terms 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.)

**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.)*

There is a button labeled "View transaction list."

Below this, there's a section titled "Journal entry worksheet."

### Journal Entries Overview

This educational module outlines the process of recording various financial transactions between a business and McCormick Industries. Each transaction requires a specific journal entry to ensure accurate financial reporting.

#### A. Sale of Merchandise
- **Task**: Record the entry for the sale of merchandise on account to McCormick Industries.

#### B. Acceptance of Promissory Note
- **Task**: Record the entry for acceptance of a promissory note in exchange for accounts receivable from McCormick Industries.

#### C. Interest Accrued on Promissory Note
- **Task**: Record the entry for interest accrued on the promissory note received from McCormick Industries.

#### D. Interest Received on Maturity Date
- **Task**: Record the entry for interest received from McCormick Industries on the note’s maturity date.

#### E. Payment Received on Maturity Date
- **Task**: Record the entry for payment received from McCormick Industries for the principal on the note’s maturity date.

### Additional Information

- **Note**: A green dot indicates that a journal entry has been successfully entered.

### Interface Navigation Options
- **Buttons**:
- "Record entry": Use this to log a financial transaction.
- "Clear entry": Use this to remove an existing entry.

- **Navigation**:
- "Prev": Navigate to the previous page.
- "3 of 7": Indicates the current page in the sequence.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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