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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 sales transaction is:
Debit Notes Receivable $4,000; credit Sales $4,000 | ||
Debit Notes Receivable $4,000; debit Interest Receivable $60; credit Sales $4,060 | ||
Debit Notes Receivable $4,060; credit Sales $4,060 | ||
Debit Accounts Receivable $4,060; credit Sales $4,060 | ||
Debit Accounts Receivable $4,000; credit Sales $4,000 |
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