Samberg Inc.had the following transactions.
Oct.1 - Sold $10,000 of merchandise on account,1/10,n/30 to McCormick Industries.
Nov.1 - Received a $10,000,90-day,10% note from McCormick Industries to settle its $10,000 unpaid balance.
Dec.31 - Accrued interest on the note.(Round to the nearest whole dollar amount.)
Jan.31 - Received the interest on the note's maturity date.
Jan.31 - Received the principal on the note's maturity date.(Round to the nearest whole dollar amount.)
Required:
Prepare the required journal entries.

Question

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The Answer of Samberg Inc.had the following transactions.
Oct.1 - Sold $10,000 of merchandise on account,1/10,n/30 to McCormick Industries.
Nov.1 - Received a $10,000,90-day,10% note from McCormick Industries to settle its $10,000 unpaid balance.
Dec.31 - Accrued interest on the note.(Round to the nearest whole dollar amount.)
Jan.31 - Received the interest on the note's maturity date.
Jan.31 - Received the principal on the note's maturity date.(Round to the nearest whole dollar amount.)
Required:
Prepare the required journal entries.

Samberg Inc.had the Following Transactions