Question

Hughes Aircraft sold a four-passenger airplane for $980,000, receiving a 12% note receivable. The journal entry to record this sale would include a:

Answer 1

The journal entry to record this sale by Hughes Aircraft would include a: debit to note receivable.

What is journal entry?

A journal entry can be defined as a process which involves keeping the records of business transactions such as sales, that are made by a business organization.

Generally, the journal entry is used by both bookkeepers and accountants. Also, it is very important that a journal comprises the following information;

• Date

• Rference number

• Credit balance

• Transaction description

• Debit balance

In this scenario, the journal entry to record this sale of a four-passenger airplane for $980,000 by Hughes Aircraft would include a: debit to note receivable.

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