On January 10, 2014, Tolleson Co. sold merchandise on account to Simmons for $8,000, terms n/30. On

Question:

On January 10, 2014, Tolleson Co. sold merchandise on account to Simmons for $8,000, terms n/30. On February 9, Simmons gave Tolleson Co. 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.)