Question

Giorgio Italian Market bought $11,400 worth of merchandise from Food Suppliers and signed a 150-day, 8% promissory note for the $11,400. Food Suppliers journal entry to record the sales transaction is:

Answer 1

Debit Notes Receivable $ 11,400 ; Credit Sales $ 11,400

Step-by-step explanation:

The sales revenue is the amount of merchandise sold which is for $ 11,400 and Also, the receivable is $ 11,400 and hence recorded as notes receivable.