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Milner family importers sold goods to tung decorators for

1. Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2010, accepting Tung's $30,000, 6-month, 6% note. Prepare Milner's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.

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Accounting Basics: Milner family importers sold goods to tung decorators for

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