On January 10, 2022, Sweet Acacia Industries sold merchandise on account to Tompkins for $8,380, terms n/30. On February 9, Tompkins gave Sweet Acacia Industries a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the accounts 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.)

Answer and Explanation:

The Journal entry is shown below:-

1. Accounts receivable Dr,              $8,380

          To sales revenue                              $8,380

(Being credit sales is recorded)

For recording the credit sales we simply debited the accounts receivable and credited the sales revenue)

2. 7% Notes receivable Account Dr, $8,380

             To Accounts receivable                     $8,380

(Being settlement with the account is recorded)

For recording the settlement with the account  we simply debited the 7% Notes receivable and credited the accounts receivable.)

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