Answered

Welcome to Westonci.ca, the place where your questions find answers from a community of knowledgeable experts. Discover the answers you need from a community of experts ready to help you with their knowledge and 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

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.