On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,402; credit Interest Revenue $202; credit Accounts Receivable-P. Summers $10,200. Debit Accounts Receivable-P. Summers $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Accounts Receivable-P. Summers $10,200.

On July 9, Mifflin Company receives a $10,200, 90-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,402; credit Interest Revenue $202; credit Accounts Receivable-P. Summers $10,200. Debit Accounts Receivable-P. Summers $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Sales $10,200. Debit Notes Receivable $10,200; credit Accounts Receivable-P. Summers $10,200.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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