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Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.

Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.
Transcribed Image Text:Giorgio Italian Market bought $11,200 worth of merchandise from Food Suppliers and signed a 90-day, 7% promissory note for the $11,200. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Notes Receivable $11,200; credit Sales $11,200. Debit Notes Receivable $11,200; debit Interest Receivable $196; credit Sales $11,396. О Debit Accounts Receivable $11,396; credit Sales $11,396. Debit Notes Receivable $11,396; credit Sales $11,396. Debit Accounts Receivable $11,200; credit Sales $11,200.
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