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

question 141

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 $8,008; 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

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Definitions:

Negotiation Strategies

Approaches used to reach an agreement or compromise between parties with different needs, interests, or objectives, often involving communication and problem-solving techniques.

Outsourcing

The business practice of hiring external vendors to perform tasks, handle operations, or provide services that are either difficult to manage or outside of the company's core competencies.

Logistics Function

The process of planning, executing, and controlling the efficient, effective forward and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption to meet customer requirements.