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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 record the sales transaction is:
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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 record the sales transaction is:

User Ashraf Mohammed
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1 Answer

6 votes

Answer: Debit Notes Receivable 7,800

Sales(to record sales) 7,800

Step-by-step 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

User Zalman
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