Melon-Cauli Grocers, Inc. received $50,000 worth of computers on account promising to pay next month. The journal entry to recor
1 answer:
Receiving payment on account of the promissory note will crediting the Accounts payable account and credit the computer's account in the journal entry.
<h3>What is a journal entry?</h3>A journal entry is an act of recording or keeping track of any financial or non-financial activity. An accounting journal records transactions and displays a company's debit and credit balances. Each recording in the journal entry might be either a debit or a credit.
Refer to the figure below for a journal entry of $50000 received on account of a promissory note.
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