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Gnom [1K]
3 years ago
11

On January 10, 2022, Kingbird, Inc. sold merchandise on account to Tompkins for $8,180, terms n/30.

Business
1 answer:
Eddi Din [679]3 years ago
4 0

Answer and Explanation:

The journal entries are shown below

Jan 10

Account receivable Dr $8,180

     To Sales revenue $8,180

(being goods sold on credit)

Here account receivable is debited as it increased the assets and credited the sales revenue as it also increased the revenue

Feb 9

7% Promissory note Dr $8,180

    To Account receivable $8,180

(Being note received is recorded)

Here Promissory note is debited and account receivable is credited

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