Question 2
Metlock Family Importers sold goods to Tung Decorators for $45,000on November 1, 2017, accepting Tung’s $45,000, 6-month, 5%note.
Prepare Metlock’s November 1 entry, December 31 annual adjustingentry, and May 1 entry for the collection of the note and interest.(If no entry is required, select “No Entry” for theaccount titles and enter 0 for the amounts. Credit account titlesare automatically indented when the amount is entered. Do notindent manually. Record journal entries in the order presented inthe problem.)
Date
Account Titles and Explanation
Debit
Credit
11/1/1712/31/175/1/18
11/1/1712/31/175/1/18
11/1/1712/31/175/1/18
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