Jax recording studio purchased 8100 in electronic components from music world. Jax signed a 90 day, 8% promissory note for 8100. Music worlds journal entry to record the sale tr…

Question

asked Jun 9, 2020 39.6k views

1 Answer

Anthony Greco · Answer 1 · 2020-06-14T20:39:57+0000

Answer:

Debit: Accounts Receivable $8100

Debit: Interest Receivable $162

Credit: Sales $8262

Step-by-step explanation:

Calculation of Interest Receivable:

8100 [0.08 (3/12)] = 8100 [0.02] = $162