On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as...

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On July 9, Mifflin Company receives a $9,300, 120-day, 12% note from customer Payton Summers as payment on account What entry

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Answer 1

Answer #1

Answer:-

●Debit note receivable $9672 , credit interest revenue $372 , credit account receivable $9300

Explanation :-

●Interest revenue = principal × rate × time

= 9300 × 12% × 120/360 = $ 372

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Answer 2

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