Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the sales transaction is:
A. Debit Notes Receivable $7,800; debit Interest Receivable $104; credit Sales $7,904
B. Debit Notes Receivable $7,904; credit Sales $7,904
C. Debit Accounts Receivable $7,904; credit Sales $7,904
D. Debit Accounts Receivable $7,800; credit Sales $7,800
E. Debit Notes Receivable $7,800; credit Sales $7,800
Answer: E
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