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22 August, 09:15

On January 10, 2020, Perez Co. sold merchandise on account to Robertsen Co.

for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 10%

promissory note in settlement of this account. Prepare the journal entry to

record the sale and the settlement of the account

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Answers (1)
  1. 22 August, 09:41
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    The journal entry is the method/technique that is used to record all the financial transactions incurred by a company into the journal

    Explanation:

    The journal entry is the method/technique that is used to record all the financial transactions incurred by a company into the journal

    The journal entry to record the sale and the settlement of the Account is shown below

    On January 10, 2020, Prez Co. sold merchandise on account to Robertson for $15,600, terms n/30.

    Dr Accounts Receivable 15,600

    Cr Sales 15,600

    On February 9, Robertsen Co gave Prez Co. a 10% promissory note in settlement of this account.

    Dr Notes Receivable 15,600

    Cr Accounts Receivable 15,600
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