Samberg Incorporated had the following transactions. October 1 – Sold $17,500 of merchandise on account, 2/9, n/30 to McCormick Industries. November 1 – Received a $17,500, 90-day, 9% note from McCormick Industries to settle its $17,500 unpaid balance. December 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 – Received the interest on the note’s maturity date. 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. October 1 – Sold $17,500 of merchandise on account, 2/9, n/30 to McCormick Industries. November 1 – Received a $17,500, 90-day, 9% note from McCormick Industries to settle its $17,500 unpaid balance. December 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) January 31 – Received the interest on the note’s maturity date. 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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Question
Samberg Incorporated had the following transactions.
- October 1 – Sold $17,500 of merchandise on account, 2/9, n/30 to McCormick Industries.
- November 1 – Received a $17,500, 90-day, 9% note from McCormick Industries to settle its $17,500 unpaid balance.
- December 31 – Accrued interest on the note. (Round your answer to the nearest whole dollar amount.)
- January 31 – Received the interest on the note’s maturity date.
- 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
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