a. Oct 1 - Sold $19,000 of merchandise on account, 10/1, n/30 to McCormick Industries. b. November
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Question:
a. | Oct 1 - Sold $19,000 of merchandise on account, 10/1, n/30 to McCormick Industries. |
b. | November 1 - Received a $19,000, 90 day, 10% note from McCormick Industries to pay off his $19,000 unpaid balance. |
C. | December 31: Interest accrued on the promissory note. |
d. | January 31: You received the interest on the note's maturity date. |
mi. | January 31: You received the principal on the due date of the note. |
Required: |
Prepare the required journal entries. (Round your answer to the nearest whole dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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