Jax Recording Studio Purchased $7,800 in Electronic Components from Music

question 31

Multiple Choice

Jax Recording Studio purchased $7,800 in electronic components from Music World.Jax signed a 60-day,8% promissory note for $7,800.Music World's journal entry to record the collection on the maturity date is:

• A)Debit Cash $7,800;credit Accounts Receivable $7,800
• B)Debit Accounts Receivable $7,904;credit Notes Receivable $7,800;credit Interest Receivable $104
• C)Debit Notes Receivable $7,800;credit Cash $7,904;credit Interest Revenue $104
• D)Debit Cash $7,904;credit Notes Receivable $7,800;credit Interest Revenue $104
• E)Debit Cash $7,904;credit Notes Receivable $7,904

---

Definitions:

Species

A class of things regarded as a subcategory of a wider class (a genus).

Box

A container often made of cardboard or wood, used for storage or shipping.

Referent

The actual thing or idea to which a word or phrase refers or applies.

Kermit the Frog

A fictional character and the most famous Muppet created by Jim Henson, known for his appearances on "The Muppet Show" and "Sesame Street."