Ask Question
29 March, 20:04

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 transaction

+4
Answers (1)
  1. 29 March, 20:31
    0
    Debit: Accounts Receivable $8100

    Debit: Interest Receivable $162

    Credit: Sales $8262

    Explanation:

    Calculation of Interest Receivable:

    8100 [0.08 (3/12) ] = 8100 [0.02] = $162
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jax recording studio purchased 8100 in electronic components from music world. Jax signed a 90 day, 8% promissory note for 8100. Music ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers