Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below.] On November 1, 2017, Salem Corporation sold land priced at $340,000 in exchange for a 3%, six-month note 14 receivable Part 1 of 3 The journal entry made by Salem to record this transaction on November 1, 2017, includes 3.33 points Multiple Choice Print A credit to Interest Revenue of $5,100. A debit to Interest Receivable of $5,100. A debit to Notes Receivable of $345,100 A debit to Notes Receivable of $340,000

Explanation / Answer

We will pass the following journal entry for above transaction:

Date

Accounts title and explanation

debit

credit

01-11-2017

Notes receivable

340000

Land

340000

Therefore, the answer is option (d) A debit to Notes receivable of $ 340,000.

Date

Accounts title and explanation

debit

credit

01-11-2017

Notes receivable

340000

Land

340000

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