(Answered) Question - pharoah family importers sold goods to tung

Accounting

Question - Pharoah Family Importers sold goods to Tung Decorators for $38,400 on November 1, 2017, accepting Tung's $38,400, 6-month, 7% note.

Prepare Pharoah'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.)

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