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 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 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.

Demonstrate the required adjusting entry needed to record a $1,000 note receivable collected by the bank by choosing the correct entry below.Multiple choice question.Debit Cash $1,000 and credit Accounts Receivable $1,000.Debit Cash $1,000 and credit Notes Receivable $1,000.Debit Notes Receivable $1,000 and credit Cash $1,000.Debit Cash $1,000 and credit Notes Payable $1,000.

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 November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 overdue account. Eli's journal entry to record this transaction on November 1, would include a:Multiple select question.debit to Accounts Receivable for $6,060.credit to Accounts Receivable for $6,000.credit to Notes Receivable for $6,060.debit to Notes Receivable for $6,000.