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Yanka [14]
2 years ago
8

Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,

800. Music World's journal entry to record the collection on the maturity date is:
Business
1 answer:
Lostsunrise [7]2 years ago
5 0

Answer:

Interest revenue = $7800*8%/360*60

Interest revenue = $104

Date  Journal Entry             Debit    Credit

          Cash                          $7,904

                 Notes Receivable            $7,800

                 Interest Revenue             $104

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