Question 7 [p 280-288) On August 1, Allied Machinery sold a $75,000 lathe to Bronte. Rather than paying cash, Bronte signed a promissory note, promising to redeem (pay off) the note in 90 days. What is the journal entry Allied, the seller, should record on On August 1? Credit O Debit 75,000 Note receivable Sales revenue 75,000 Credit Debit 75,000 Cash Sales revenue 75,000 Debit Credit 75,000 Sales deferred Sales revenue 75,000 Credit Debit 75,000 Sales revenue Cash 75,000