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.

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 1 August 2023 RFX Ltd issues a one year (1) $100,000 note to Reg Miles for the purchase of a motor vehicle. Interest on the note payable is 8% per annum and is due at the end of the six-month term of the note. RFX Ltd has a 31 October balance date.What is the correct entry to record interest on the note for the year ended 31 October 2023?Group of answer choicesDr Interest expense $8,000 Cr Interest payable $8,000Dr Interest expense $2,667 Cr Interest payable $2,667Dr Interest expense $2,000 Cr Interest payable $2,000Dr Interest expense $4,000 Cr Interest payable $4,000

A company issues a note receivable in place of an outstanding accounts receivable balance. The amount of the note is $5,000, the interest rate is 6% and the term is 2 months. Assuming the note receivable is dishonoured, but the company expects eventual collection, what will the journal entry include on the date the note maturies, assuming that is also the date the note is dishonoured?Select answer from the options belowdebit to Accounts Receivable $5,050debit to Cash of $5,050debit to Accounts Receivable $5,000debit to Interest Revenue $50

Uniform Supply accepted a $8,800, 90-day, 9% note from Tracy Janitorial on October 17. What entry should Uniform Supply make on January 15 of the next year when the note is paid?. (Use 360 days a year.)Multiple ChoiceDebit Notes Receivable $8,800; debit Interest Receivable $198; credit Sales $8,998.Debit Cash $8,998; credit Interest Revenue $198; credit Notes Receivable $8,800.Debit Cash $8,998; credit Interest Revenue $33; credit Interest Receivable $165; credit Notes Receivable $8,800.Debit Cash $8,998; credit Interest Revenue $165; credit Interest Receivable $33; credit Notes Receivable $8,800.Debit Cash $8,998; credit Notes Receivable $8,998.

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.