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6 September, 18:09

Giorgio Italian Market bought $11,400 worth of merchandise from Food Suppliers and signed a 150-day, 8% promissory note for the $11,400. Food Suppliers journal entry to record the sales transaction is:

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  1. 6 September, 21:14
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    Debit Notes Receivable $ 11,400; Credit Sales $ 11,400

    Explanation:

    The sales revenue is the amount of merchandise sold which is for $ 11,400 and Also, the receivable is $ 11,400 and hence recorded as notes receivable.
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