Multiple Choice
Giorgio Italian Market bought $4,000 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $4,000.
-Food Supplier's journal entry to record the sales transaction is:
A) Debit Notes Receivable $4,000; debit Interest Receivable $60; credit Sales $4,060
B) Debit Notes Receivable $4,060; credit Sales $4,060
C) Debit Accounts Receivable $4,060; credit Sales $4,060
D) Debit Notes Receivable $4,000; credit Sales $4,000
E) Debit Accounts Receivable $4,000; credit Sales $4,000
Correct Answer:

Verified
Correct Answer:
Verified
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