On january 10 2017 masterson co sold merchandise on account, Accounting Basics

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On january 10 2017 masterson co sold merchandise on account

Problem

On January 10, 2017, Masterson Co. sold merchandise on account to Tompkins for $8,000, terms n/30. On February 9, Tompkins gave Masterson 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.

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Accounting Basics: On january 10 2017 masterson co sold merchandise on account

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