Question
On July 9, Mifflin Company receives a $9,500, 90-day, 12% note from customer Payton Summers as payment on account. What entry should be made on
On July 9, Mifflin Company receives a $9,500, 90-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?
Debit Notes Receivable $9,500; credit Accounts Receivable $9,500.
Debit Notes Receivable $9,785; credit Sales $9,785.
Debit Accounts Receivable $9,500; credit Sales $9,500.
Debit Notes Receivable $9,877; credit Interest Revenue $377; credit Accounts Receivable $9,500.
Debit Notes Receivable $9,500; credit Sales $9,500.
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Auditing A Business Risk Approach
Authors: Larry E. Rittenberg, Karla Johnstone, Audrey Gramling
7th Edition
0324663722, 978-0324663723
