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explain SHOW WORK 17. Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for...
explain SHOW WORK 17. Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the collection on the maturity date is:
a. Debit Notes Receivable $8,008; credit Cash $7,904; credit Interest Revenue $104
b. Debit Cash $7,904; credit Notes Receivable $7,904
c. Debit Accounts Receivable $7,904; credit Notes Receivable $7,800; credit Interest Receivable $104
d. Debit Cash $7,800; credit Accounts Receivable $7,800
e. Debit Cash $7,904; credit Notes Receivable $7,800; credit Interest Revenue $104
