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Paoli Pizza bought $10,800 worth of merchandise from TechCom and signed a 60-day, 7% promissory note for the $10,800. TechCom's journal entry to record the sales portion of the transaction is (Use 360 days a year. Do not round intermediate calculations):

a) Debit Accounts Receivable $10,926; credit Sales $10,926.

b) Debit Notes Receivable $10,800; debit Interest Receivable $126; credit Sales $10,926.

c) Debit Notes Receivable $10,800; credit Sales $10,800.

d) Debit Accounts Receivable $10,800; credit Sales $10,800.

e) Debit Notes Receivable $10,926; credit Sales $10,926.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939806

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