The primary post must be a minimum of 250 words. You can enhance your post and meet this requirement by defining and explaining the new terms you've learned about Notes Receivable. As secondary replies please review your classmates' posts and let us know if you agree or disagree or explain what it is that you learned from this post.

Gave a $3,000, 60-day, 7% note to Krenshaw Airline for purchase of merchandise. 1) What happened in this transaction? 2) Which account(s) will be debited in this journal entry? Please explain how you determined the amount of the debit(s) recorded.

3) Which account(s) will be credited in this journal entry? Please explain how you determined the amount of the credit(s) recorded.