Buffalo family importers sold goods to tung decorators for $36,600 on november 1, 2020, accepting tung’s $36,600, 6-month, 6% note. prepare buffalo’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       36,600 debit

        sales revenues                 36,600 credit

--to record sales to Tung's--

interest receivables     366 debit

         interest receivables             366 credit

--to record accrued interest--

cash                        37,698 debit

       note receivables                  36,600 credit

       interest receivables                   366 credit

       interest revenues                       732 credit

--to record collection from Tung's note--

Explanation:

From the sale we accepted a note receivable.

adjusitng entry:

On December 31th we accrued the interest on the note:

principal x rate x time

months accrued: 2 (Nov 1st to Dec 31th)

36,600 x  6% x 2/12 = 366

Collection from the note:

total interest:

36,600 x  6% x 6/12 = 1,098

earned for the year: 1,098 - 366 = 732

total proceeds: 36,600 + 1,098 = 37,698

what are the sentences? so we can answer the question.

since the options are not listed, when you are working on your budget you should also add water, tv, internet, miscellaneous and your 'fun' money for in your budget. when budgeting, you need to allow for fun money, and mis/accidental money so that you stick to the budget and not go crazy because you feel strapped to the budget.