On January 1, 2017, Oldham Company sold goods to Windall Company in exchange for a 3-year, non-interest-bearing note with a face value of $30,000. If Oldham entered into a separate financing transaction with Windall, an appropriate interest rate would be 10%; therefore, the transaction price would be $22,540. Which of the following statements is true about the journal entry that records the
transaction when Oldham delivers the goods to Windall on January 1, 2017?
A) Debit Note Receivable for $22,540
B) Credit Sales Revenue $22,540
C) Debit Discount on Note Receivable $7,460
D) Credit Interest Revenue $7,460
B
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