On July 9, Mifflin Company receives an $8,800, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?

Multiple Choice

• Debit Accounts Receivable $8,800; credit Sales $8,800.

• Debit Notes Receivable $9,033; credit Interest Revenue $233; credit Accounts Receivable $8,800.

• Debit Notes Receivable $8,976; credit Sales $8,976.

• Debit Notes Receivable $8,800; credit Sales $8,800.

• Debit Notes Receivable $8,800; credit Accounts Receivable $8,800.