Giorgio Italian Market bought $11,000 worth of merchandise from Food Suppliers and signed a 45-day, 8%...
Giorgio Italian Market bought $11,000 worth of merchandise from Food Suppliers and signed a 45-day, 8% promissory note for the $11,000. Food Supplier's journal entry to record the sales transaction is:
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Debit Notes Receivable $11,000; credit Sales $11,000.
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Debit Accounts Receivable $11,110; credit Sales $11,110.
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Debit Notes Receivable $11,000; debit Interest Receivable $110; credit Sales $11,110.
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Debit Notes Receivable $11,110; credit Sales $11,110.
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Debit Accounts Receivable $11,000; credit Sales $11,000.
Homework Answers
Answer
Debit Notes Receivable $11,000; credit Sales $11,000
Explanation:
If Promissory note is received, it is debited t Notes receivables A/c and not Account receivables account.
Interest will not be recorded in this entry.
So, the entry will be:
| Particulars | Debit | Credit |
| Notes Receivable | $ 11,000 | |
| Sales | $ 11,000 |
In case of any doubt, please comment.
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