On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year, non-interest- bearing note with a face value of $10,000. If Oldham entered into a separate financing transaction with Windall, an appropriate interest rate would be 8%. Which of the following statements is true about the journal entry that records the transaction when Oldham delivers the goods to Windall on January 1, 2017?
A) Debit Note Receivable for $10,000
B) Credit Sales Revenue $7,600
C) Credit Discount on Note Receivable $2,400
D) Credit Interest Revenue $2,400

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The Answer of On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year, non-interest- bearing note with a face value of $10,000. If Oldham entered into a separate financing transaction with Windall, an appropriate interest rate would be 8%. Which of the following statements is true about the journal entry that records the transaction when Oldham delivers the goods to Windall on January 1, 2017?
A) Debit Note Receivable for $10,000
B) Credit Sales Revenue $7,600
C) Credit Discount on Note Receivable $2,400
D) Credit Interest Revenue $2,400

On January 1, 2017, Oldham Company Sold Goods to Windall