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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 collection on the maturity
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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 collection on the maturity date is:

User MakisH
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7 votes

Answer:

Interest revenue = $7800*8%/360*60

Interest revenue = $104

Date Journal Entry Debit Credit

Cash $7,904

Notes Receivable $7,800

Interest Revenue $104

User Targnation
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