Bramble family importers sold goods to tung decorators for $39,000 on november 1, 2020, accepting tung’s $39,000, 6-month, 6% note. prepare bramble’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 0 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.)

note receivable       39,000 debit

        sales revenue               39,000 credit

--Nov 1st to record sale of goods to Tung Decorators --

interest receivalbe       390 debit

interest revenue                      390 credit

--Dec 31th adjusitng entry for accrued interest --

cash                       40,170 debit

        note receivable                39,000 credit

        interest receivable                390 credit

        interest revenue                    780 credit

--May 1st collection of the note--

Explanation:

First, we record the sales revenue and we enter the promissory note at his nominal. Interest will be accrued as the time past.

interest for the period Nov 1st - Dec 31th

prncipal x rate x time

we must always have rate adn time in the same metric so we express the mont has fraction of year:

39,000 x 6% x 2/12  = 390

collection of the note

cash procceds: principal + interest

39,000 x (1 + 6% x 6/12)  = 40,170

we write off both receivables, the note and the interest,

and we recognize interest revenue for the difference

40,170 - 39,000 - 390 = 780

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