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Samberg Inc. had the following transactions. Oct. 1 Sold $24,500 of merchandise on...

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Accounting

Samberg Inc. had the following transactions.

  1. Oct. 1 Sold $24,500 of merchandise on account, 2/10, n/30 to McCormick Industries.
  1. Nov. 1 Received a $24,500, 90-day, 9% note from McCormick Industries to settle its $24,500 unpaid balance.
  1. Dec. 31 Accrued interest on the note. (Round your answer to the nearest whole dollar amount.)
  1. Jan. 31 Received the interest on the notes maturity date.
  1. Jan. 31 Received the principal on the notes maturity date. (Round your answer to the nearest whole dollar amount.)

Required: Prepare the required journal entries.

  • 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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