On November 1, Orpheum Company accepted a $12,100, 90-day, 12% note from a customer to replace an account receivable. What entry should be made by Orpheum on the November 1 to record the acceptance of the note?Multiple ChoiceDebit Notes Receivable $12,100; credit Sales $12,100.Debit Notes Receivable $12,100; credit Accounts Receivable $12,100.Debit Sales $12,100; credit Accounts Receivable $12,100.Debit Notes Receivable $12,463; credit Accounts Receivable $12,100; credit Interest Revenue $363.Debit Notes Receivable $12,100; credit Cash $12,100.

On July 9, Mifflin Company receives a $10,400, 90-day, 8% 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 ChoiceDebit Notes Receivable $10,608; credit Sales $10,608.Debit Notes Receivable $10,400; credit Sales $10,400.Debit Accounts Receivable—P. Summers $10,400; credit Sales $10,400.Debit Notes Receivable $10,675; credit Interest Revenue $275; credit Accounts Receivable—P. Summers $10,400.Debit Notes Receivable $10,400; credit Accounts Receivable—P. Summers $10,400.

On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On December 31, the appropriate adjusting entry was made. On January 30 of the next year, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to:Multiple select question.Interest Receivable for $20.Interest Revenue for $20.Interest Revenue for $30.Interest Revenue for $10.Cash for $2,030.Notes Receivable for $2,000

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.

Select all that applyOn March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that Ian would record on the due date would include a:Multiple select question.debit to Accounts Receivable - Ali for $1,025.debit to Interest Revenue for $25.credit to Interest Revenue for $25.credit to Notes Receivable for $1,000.credit to Accounts Receivable - Ali for $1,000.debit to Notes Receivable for $1,025.

On January 1, JC Co. accepted a 60-day, 6%, note in the amount of $10,000 from a customer. On March 2, the due date of the note, the customer honors the note and pays in full. The journal entry that JC would make to record the receipt of payment of this note would include a debit to:Multiple choice question.Notes Receivable in the amount of $10,000Cash in the amount of $10,000Notes Receivable in the amount of $10,100Cash in the amount of $10,100