Answer and Explanation:
The Journal entry is shown below:-
1. Accounts receivable Dr, $8,380
To sales revenue $8,380
(Being credit sales is recorded)
For recording the credit sales we simply debited the accounts receivable and credited the sales revenue)
2. 7% Notes receivable Account Dr, $8,380
To Accounts receivable $8,380
(Being settlement with the account is recorded)
For recording the settlement with the account we simply debited the 7% Notes receivable and credited the accounts receivable.)