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On July 9, Mifflin Company receives a $10,400, 90-day, 8% note from customer Payton Summers to replace an account receivable. What entry should be made
On July 9, Mifflin Company receives a $10,400, 90-day, 8% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,400; credit Accounts ReceivableP. Summers $10,400. Debit Notes Receivable $10,400; credit Sales $10,400. Debit Accounts ReceivableP. Summers $10,400; credit Sales $10,400. Debit Notes Receivable $10,675; credit Interest Revenue $275; credit Accounts ReceivableP. Summers $10,400. Debit Notes Receivable $10,608; credit Sales $10,608
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