TB MC Qu. 07-135 (Algo) On July 9, Mifflin Company receives...
On July 9, Mifflin Company receives an $8,200, 120-day, 6% 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 Choice
Debit Cash $8,364, credit Interest Revenue $164; credit Notes Receivable $8,200
Debit Cash $8,282; credit Interest Revenue $82, credit Notes Receivable $8,200.
Debit Notes Receivable $8,200, debit Interest Receivable $164; credit Sales $8,364.
Debit Cash $8,200, credit Notes Receivable $8,200.