Appropriate journal entry establishing the note

Reference no: EM13142654

Mulkey-Micro brewery sells cases of beer to local restaurants and pubs. A new restaurant, Primo's Pizzaria, agreed to a sale for $2,500 with payment in thirty days. After thirty days, Primo's did not have the cash for payment; therefore, Primo's offer Mulkey a four-month note with 11.5% interest, all payable at the end of the term of the note. Please record the appropriate journal entry establishing the note on Mulkey's books.

Reference no: EM13142654

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