Answered

Find answers to your questions and expand your knowledge with IDNLearn.com. Ask anything and receive prompt, well-informed answers from our community of experienced experts.

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:

Sagot :

JeanaShuppidn

Answer:  Debit Notes Receivable          7,800  

Sales(to record sales)   7,800

Explanation:

When a customer signs a promissory note in exchange for commodity then the entry to record sales is recorded by debiting notes receivable.

here,  sales = $7,800 = Debit Notes Receivable  

The entry to record the sales transaction would be

Debit Notes Receivable          7,800  

Sales(to record sales)   7,800

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Your search for answers ends at IDNLearn.com. Thank you for visiting, and we hope to assist you again soon.