Question
Jax Recording Studio purchased $6,700 in electronic components from Music World. Jax signed a 60-day, 6% promissory note for $6,700. Music World's journal entry to
Jax Recording Studio purchased $6,700 in electronic components from Music World. Jax signed a 60-day, 6% promissory note for $6,700. Music World's journal entry to record the sales transaction is:
a. Debit Notes Receivable $6,700; credit Sales $6,700
b.Debit Accounts Receivable $6,767; credit Sales $6,767
c. Debit Accounts Receivable $6,700; credit Sales $6,700
d. Debit Notes Receivable $6,700; debit Interest Receivable $67; credit Sales $6,767
e. Debit Notes Receivable $6,767; credit Sales $6,767
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Managing The Audit Function A Corporate Audit Department Procedures Guide
Authors: Michael P. Cangemi, Tommie W. Singleton
3rd Edition
0471281190, 978-0471281191
