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 your answer 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 your answer to the nearest whole dollar amount.) Required:Prepare the required journal entries.
What will be an ideal response?
December 31
Interest Revenue: $10,000 × 0.10 × 2/12 = $167
January 31
Interest Revenue: $10,000 × 0.10 × 1/12 = $83
Business
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