Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

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 :

JeanaShupp

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

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.