On July 9, Mifflin Company receives a $7,800, 150-day, 10% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note and interest. (Use 360 days a year.)Multiple Choice$8,125$7,447$7,930$7,800$7,947

On July 9, Mifflin Company receives an $7,200, 90-day, 8% 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 ChoiceDebit Cash $7,309; credit Interest Revenue $109; credit Notes Receivable $7,200.Debit Notes Receivable $7,200; debit Interest Receivable $144; credit Sales $7,344.Debit Cash $7,296; credit Interest Revenue $96; credit Notes Receivable $7,200.Debit Cash $7,344; credit Interest Revenue $144; credit Notes Receivable $7,200.Debit Cash $7,200; credit Notes Receivable $7,200.

A company borrowed $15,000 by signing a 120-day promissory note at 10%. The total interest due on the maturity date is. (Use 360 days a year.)Multiple Choice$50.00$750.00$500.00$1,500.00$250.00

The maturity value of a $150,000, 4.3%, 90-day interest-bearing note using ordinary interest is:Multiple Choice$151,612.50$150,000.00$156,450.00$154,332.75$1,612.50

Select all that applyOn December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropriate year-end adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 (assuming no reversing entry was made) would include a credit to:Multiple select question.Notes Receivable for $1,000.Interest Revenue for $5.Interest Revenue for $10.Interest Receivable for $5.Cash for $1,010.

On November 1, 20X1, a company signed a $200,000, 12%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 20X2. The company should record the following adjusting entry at December 31, 20X1:Multiple ChoiceDebit Interest Expense and credit Cash, $12,000.Debit Interest Expense and credit Interest Payable, $12,000.Debit Interest Expense and credit Interest Payable, $4,000.Debit Interest Expense and credit Cash, $4,000.