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Jax recording studio purchased 8100 in electronic components from music world. Jax signed a 90 day, 8% promissory note for 8100. Music worlds journal entry to record the sale transaction

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amanarsalan

Answer:

Debit: Accounts Receivable        $8100

Debit: Interest Receivable             $162

Credit: Sales                                             $8262

Explanation:

Calculation of Interest Receivable:

8100 [0.08 (3/12)] = 8100 [0.02] = $162

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