On January 10, 2017, Wilfer Ltd. sold merchandise on account to Elgin Co. for HK$80,400, n/30. On

Question:

On January 10, 2017, Wilfer Ltd. sold merchandise on account to Elgin Co. for HK$80,400, n/30. On February 9, Elgin Co. gave Wilfer Ltd. a 7% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable.