On July 9, Mifflin Company receives an $9,100, 120-day, 6% note from customer Payton Summers as...
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.)
Homework Answers
| Date | Accounts | Debit | Credit |
| October 7 | cash | 9236.5 | |
| Notes receivable | 9100 | ||
| Interest revenue (9100*6%*90/360) | 136.50 |
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On July 9, Mifflin Company receives an $9,100, 120-day, 6% note
from customer Payton Summers as...
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
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.
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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 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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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...
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