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Jax Recording Studio purchased $6,000 in electronic components from Music World. Jax signed a 120-day, 8% promissory note for $6,000. Music World's journal entry to
Jax Recording Studio purchased $6,000 in electronic components from Music World. Jax signed a 120-day, 8% promissory note for $6,000. Music World's journal entry to record the sales transaction is Multiple Choice Debit Notes Receivable $6.000, credit Sales $6.000 Debit Accounts Receivable credit Sales $6,150 Debt Notes Receivable $6,160, credit Sales S6160 Debit Notes Receivable $6160; debit interest Receivable $160, credit Sales S6.000
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