Question: Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round Annual Interest Rate to 1
| Complete the following table by computing the missing amounts for the following independent cases. (Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place.) Principle Amount on note Receivable Interest Rate Time Perod Interest earned a)145,000 11.8% 6 months b)59000 9 months 5,133 c) 10.9% 12 months 5341 |
| Samberg Inc. had the following transactions.
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| a. | Oct. 1 Sold $16,000 of merchandise on account, 1/10, n/30 to McCormick Industries. |
| b. | Nov. 1 Received a $16,000, 90-day, 11% note from McCormick Industries to settle its $16,000 unpaid balance. |
| c. | Dec. 31 Accrued interest on the note. |
| d. | Jan. 31 Received the interest on the notes maturity date. |
| e. | Jan. 31 Received the principal on the notes maturity date. Record the entry for sale of merchandise on account to McCormick Industries. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries Record the entry for interest accrued on promissory note received from McCormick Industries Record the entry for interest received, from McCormick Industries, on the notes maturity date Record the entry for payment received from McCormick Industries the principal on the notes maturity date. |
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