Adjusting Entries for Milner Family Importers Note from Tung Decorators
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Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2010, accepting Tung's $30,000, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
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Solution Summary
The solution explains how to prepare the adjusting journal entries for note and interest.
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The entry for Nov 1 is to record the sale against the note
Nov 1 Notes Receivable Dr 30,000
Sales Cr 30,000
Till Dec 31, 2 months interest will accrue. The amount of ...
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