Current Attempt in Progress

Pharoah Roads sold $$140000$ of goods and accepted the customer's $$14000012\%,1-$year notes receivable in exchange. Assuming $12\%$ approximates the market rate of return, what would be the debit in this journal entry to record the sale?

No journal entry until cash is collected.

Debit Accounts Receivable for $$140000.$

Debit Notes Receivable for $$123200.$

Debit Notes Receivable for $$140000.$

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