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On July 9, Mifflin Company receives a $7, 500, 120-day. 6% note from customer Payton Summers on account What entry should be made on the

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On July 9, Mifflin Company receives a $7, 500, 120-day. 6% note from customer Payton Summers on account What entry should be made on the maturity date assuming the maker pays In full? Debit Notes Receivable $7, 500; debit Interest Receivable $150; credit Sales $7, 650. Debit Cash $7, 650; credit Interest Revenue $150; credit Notes Receivable $7, 500. Debit Cash $7, 575; credit Interest Revenue $75; credit Notes Receivable $7, 500. Debit Cash $7, 585; credit Interest Revenue $85: credit Notes Receivable $7, 500. Debit Cash $7, 500; credit Notes Receivable $7, 500

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