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BE8-11 On January 10, 2017, Wilfer Ltd. sold merchandise on account to Elgin Co. for HK$80,400, n/30. On February 9, Elgin Co. gave Wilfer Ltd.

BE8-11 On January 10, 2017, Wilfer Ltd. sold merchandise on account to Elgin Co. for HK$80,400, n/30. On February 9, Elgin Co. gave Wilfer Ltd. a 7% promissory note in set- tlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable

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