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5 September, 00:39

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

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  1. 5 September, 03:24
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    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
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