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On July 9, Mifflin Company receives an $8,500,90-day, 8% note from customer Payton Summers to...

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Accounting

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On July 9, Mifflin Company receives an $8,500,90-day, 8% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on July 9 to record receipt of the note? Debit Accounts Receivable-P. Summers $8,500; credit Sales $8,500. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable-P. Summers $8,500. Debit Notes Receivable $8,500; credit Accounts Receivable-P. Summers $8,500. Debit Notes Receivable $8,670; credit Sales $8,670. Debit Notes Receivable $8,500; credit Sales $8,500

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