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Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry
Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.) Multiple Choice Debit Cash $4,000; debit Interest Receivable $60; credit Sales $4,000 Debit Cash $4,060, credit Notes Receivable $4,060 Debit Notes Receivable $4,060; credit Sales $4,060 Debit Notes Receivable $4,000; credit Cash $4,000 Debit Cash $4,060; credit Interest Revenue $60, credit Notes Receivable $4,000
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