Case B$.$

On June $1,2020,$ Cappa Apparel sold merchandise to a customer, Frank Levens and received a $$95,000($face amount$),$ two$-$year, non$-$interest$-$bearing note. The market rate of

interest is $10\%.$ The annual reporting period ends November $30$ and Cappa Apparel uses the periodic inventory system. Frank Levens paid the note in full on its maturity date.

Record the following transactions, assuming the company uses the gross method to account for accounts and notes receivable.

a$.$ The sale of merchandise and acquisition of non$-$interest$-$bearing note.

b$.$ The adjusting entry for interest for the first year$-$end, November $30,2020.$

c$.$ Collection of the note on May $31,2022.($Hint: this will be after the November $30,2021$ year$-$end adjusting entry.$)$

Please make sure your final answer$($s$)$ are accurate to the nearest whole number.