Question: On January 10 2014 Tolleson Co sold merchandise on account
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.)
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