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Jax Recording Studio purchased $8,200 in electronic components from Music World. Jax signed a 90-day, 10% promissory note for $8,200. Music World's journal entry to
Jax Recording Studio purchased $8,200 in electronic components from Music World. Jax signed a 90-day, 10% promissory note for $8,200. Music World's journal entry to record the sales transaction is:
Debit Notes Receivable $8,405; debit Interest Receivable $205; credit Sales $8,200
Debit Notes Receivable $8,405; credit Sales $8,405
Debit Accounts Receivable $8,405; credit Sales $8,405
Debit Accounts Receivable $8,200; credit Sales $8,200
Debit Notes Receivable $8,200; credit Sales $8,200
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