For each of the following transactions for Jackson Co. (the seller), journalize what the entry would be for the buyer (North Co.). Jackson Company uses the periodic method.
a. Accounts Receivable, North Co.....................................7,800
Sales...............................................................................................7,800
Sold on account to North Co.
b. Notes Receivable......................................................7,800
Accounts Receivable, North Co................................................................7,800
Transferred to Notes Receivable
c. Cash.....................................................................7,906
Notes Receivable................................................................................7,800
Interest Income....................................................................................106
Note paid by North Co. on due date