Brief Exercise 7-7 Sunland Family Importers sold goods to Tung Decorators for $4

Question

Brief Exercise 7-7 Sunland Family Importers sold goods to Tung Decorators for $41,400 on November 1, 2017, accepting Tung's $41,400, 6-month, 5% note Prepare Sunland's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Nov-01 Notes receivable 41400       Sales revenue 41400 Dec-31 Interest receivable 345 =41400*5%/12*2        Interest revenue 345 May-01 Cash 42435        Interest receivable 345        Interest revenue 690 =41400*5%/12*4        Notes receivable 41400

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