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Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to
Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable $7,800; credit Sales $7,800 0 O Debit Accounts Receivable $7,904; credit Sales $7,904 0 Debit Notes Receivable $7,800, credit Sales $7,800 0 Debit Notes Receivable $7,904; credit Sales $7,904 0 Debit Notes Receivable $7,800, debit Interest Receivable $104; credit Sales $7,904
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