On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co. gave Cullumber Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co. gave Cullumber Co. a 11% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30. On February 9, Robertsen Co.
gave Cullumber Co. a 11% promissory note in settlement of this account.
Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of goods sold entries.) (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the
problem.)
Date
Account Titles and Explanation
Debit
Credit
>
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