Your answer is partially correct. On May 1, Sandhill Co, sold merchandise on account to Kaneva Inc. for $26,400, terms 2/10, 1/30. Ignore any entries that affect inventory.cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Accounts Receivable 26400 sales 26400 (To record sale on account.) Your answer is partially correct. On June 30, Sandhill Co. charged Kaneva Inc. one month's interest for the overdue account. Sandhill charges 11% on overdue accounts. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 30 Accounts Receivable 242 Interest Revenue 242 (To record interest earned.) - Your answer is partially correct. On July 5, Kaneva paid the amount owing to Sandhill Co. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit July 5 Accounts Receivable 26642 Interest Receivable (Collection on account.)