Equestrain Roads sold $80,000, of goods and accepted the customer's $80,000 10%,1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?

Question

Quizplus · Accepted Answer

The correct debit in this journal entry is to Notes Receivable for $80,000, as the company accepted a note receivable in exchange for the goods sold, and the amount of the note matches the sales amount.

Equestrain Roads Sold $80,000, of Goods and Accepted the Customer's