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  3. on july 9, mifflin company receives an $7,800, 150

On July 9, Mifflin Company receives an $7,800, 150-day, 10% note from customer Payton Summers...

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Accounting

On July 9, Mifflin Company receives an $7,800, 150-day, 10% 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)

A)Debit Cash $7,800; credit Notes Receivable $7,800. B)Debit Cash $7,947; credit Interest Revenue $147; credit Notes Receivable $7,800. C)Debit Notes Receivable $7,800; debit Interest Receivable $325; credit Sales $8,125. D)Debit Cash $7,930; credit Interest Revenue $130; credit Notes Receivable $7,800. E)Debit Cash $8,125; credit Interest Revenue $325; credit Notes Receivable $7,800.

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