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Which of statement is true about the journal entry

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Question - On Jan 1, 2017, Oldham company sold goods to Windall company in exchange for a 3 year, non - interest - bearing note with a face value of $30,00. If Oldham entered into a separate financing transaction with Windall, an appropriate interest rate would be 10%, therefore the transaction price would be $22,540. Which of the following statement is true about the journal entry that records the transaction when Oldham delivers the goods to Windall on Jan 1, 2017?

A. Debit Note Receivable $22,540

B. Credit Sales Revenue $22,540

C. Debit Discount on Note Receivable $7460

D. Credit Interest Revenue $7460

Reference no: EM132885727

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