On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $9,300; credit Sales $9,300. Debit Notes Receivable $9,300; credit Accounts Receivable $9,300. Debit Notes Receivable $9,669; credit Interest Revenue $369; credit Accounts Receivable $9,300. Debit Notes Receivable $9,672; credit Sales $9,672. Debit Accounts Receivable $9,300; credit Sales $9,300.
Solution:
Journal entry to be made on July 9 to record receipt of the note is "Debit notes receivables $9,300; Credit Accounts receivables $9,300"
Hence 2nd option is correct.
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as...
On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry should be made on July 9 to record receipt of the note? 8 024134 Multiple Choice 0 Debit Notes Receivable 59.669, credit interest Revenue $360, credit Accounts Receivable $9.300 O Debit Notes Receivable 59,672. credit Sales 59,672 0 Debit Accounts Receivable 59.300. credit Seles 59300
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