In which journal would you record the receipt of a promissory note in place of an oral agreement?

Recording the receipt of a promissory note in place of an oral agreement would appropriately be done in the General journal. The General journal is used for transactions that do not fit into other specialized journals, such as cash receipts or sales. Since a promissory note signifies a formal written promise to pay a certain amount of money, it doesn't represent an immediate cash transaction but rather an agreement related to a future payment.

Choosing the General journal allows for flexibility in recording various types of transactions that are not specifically categorized. This includes notes, unusual transactions, or corrections. Although cash receipts and sales journals focus on immediate cash transactions, and cash payments involve expenditures, they would not accurately capture the essence of recording a promissory note. Therefore, the General journal is the correct choice for this type of entry.