Answer:-
●Debit note receivable $9672 , credit interest revenue $372 , credit account receivable $9300
Explanation :-
●Interest revenue = principal × rate × time
= 9300 × 12% × 120/360 = $ 372
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? 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.
On July 9, Mifflin Company receives an $9,100, 120-day, 6% note from customer Payton Summers as payment on account. What entry should be made 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.)
Note Receivable Cube Ice Company received a 120-day, 8% note for $96,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
PE 9-5B Note receivablePrefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity.
and select the corresponding oval. DQuestion 1 1 pts When a note receivable is dishonored, it reverts to an account receivable. O True O False D Question 2 1 pts The notes receivable account of a business should include both the notes that have not yet matured and the dishonored notes. O True O False D Question 3 1 pts The banker's rule simplifies interest computations by treating a year as having 365 days. O True O False DI Question...
Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
Note Receivable Quick Tire and Lube received a 120-day, 6% note for $84,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. C. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Note Receivable Quick Tire and Lube received a 120-day, 7% note for $36,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. $ c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Hasty and Tasty Foodservice received a 120-day, 8% note for $24,000, dated April 9, from a customer on account. Assume 360 days in a year. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...