Question: On January 10, 2012, Ruggiero Co. sold merchandise on account to Edwards for $8,000, terms n/30. On February 9, Edwards gave Ruggiero Co. a 7%

On January 10, 2012, Ruggiero Co. sold merchandise on account to Edwards for $8,000, terms n/30. On February 9, Edwards gave Ruggiero 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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