Question: BE6.7 (LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2025, accepting Tungs $30,000, 6-month, 6% note. Prepare Milners

BE6.7 (LO 4) Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2025, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting entry, and May 1, 2026, entry for the collection of the note and interest.

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