Mutiple choice

Exercise 1) On July 9, Mifflin Company receives an $7,800, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? (Use 360 days a year.) a-Debit Notes Receivable $7,800; debit Interest Receivable $117; credit Sales $7,917 b-Debit Cash $7,878; credit Interest Revenue $78; credit Notes Receivable $7,800. C-Debit Cash $7,888; credit Interest Revenue $88; credit Notes Receivable $7,800 d-Debit Cash $7,800; credit Notes Receivable $7,800. e-Debit Cash $7,917; credit Interest Revenue $117; credit Notes Receivable $7,800. Exercise 2) MacKenzie Company sold $360 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 6.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be: a-Debit Cash of $360 and credit Sales $360. b-Debit Cash of $360 and credit Accounts Receivable-Regional $360. C-Debit Accounts Receivable-Regional $338.40; debit Credit Card Expense $21.60 and credit Sales $360. d-Debit Cash $338.40; debit Credit Card Expense $21.60 and credit Sales $360 e-Debit Cash $338.40 and credit Sales $338.40. Exercise 3) Valley Spa purchased $7,600 in plumbing components from Tubman Company. Valley Spa signed a 75-day, 6% promissory note for $7,600. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) a-7,930 b-7,695 c-7,600 d-95 e-7,850