Bingo Corp signed a promissory note of $1,000

Bingo Corp signed a promissory note of $1,000

Bingo Corp signed a promissory note of $1,000 for one of its vendors in exchange for supplies. $100 cash payment is due upon signing the note and the term is that the balance and interest are due in 90 days at 12% (assume 360 days). Bingo will record the note in the book at the inception of the term as

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Debit Accounts Receivable $1, 000; Credit Cash $100 and credit Notes Receivable $900


Debit Accounts Payable $1, 000; Credit Cash $100 and credit Notes Payable $900


Debit Supplies $1, 000; Credit Cash $100 and credit Notes Payable $900


None of the above



Archie’s had sales of $6,758.  The state sales tax rate is 7%.  All sales are cash.  What amount will be credited to Sales revenue?









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