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On July 9, Mifflin Company receives an $7,800, 150-day, 10% note from customer Payton Summers to replace an account receivable. What entry should be
On July 9, Mifflin Company receives an $7,800, 150-day, 10% 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.) Multiple Choice Debit Notes Receivable $7,800; debit Interest Receivable $325; credit Sales $8,125. Debit Cash $7,800; credit Notes Receivable $7,800. Debit Cash $8,125; credit Interest Revenue $325; credit Notes Receivable $7,800 Debit Cash $7,930, credit Interest Revenue $130; credit Notes Receivable $7,800. Debit Cash $7,947; credit Interest Revenue $147, credit Notes Receivable $7,800.
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