On July 9, Mifflin Company receives a $9,400, 90-day, 8% note from customer Payton Summers as payment
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On July 9, Mifflin Company receives a $9,400, 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?
A.) Debit Notes Receivable $9,400; credit Sales $9,400.
B.) Debit Accounts Receivable $9,400; credit Sales $9,400.
C.) Debit Notes Receivable $9,588; credit Sales $9,588.
D.) Debit Notes Receivable $9,649; credit Interest Revenue $249; credit Accounts Receivable $9,400.
E.) Debit Notes Receivable $9,400; credit Accounts Receivable $9,400.
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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