On July 9, Mifflin Company receives an $8,500, 90-day, 8% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note?
A. Debit Accounts Receivable $8,500; credit Sales $8,500.
B. Debit Notes Receivable $8,500; credit Accounts Receivable $8,500.
C. Debit Notes Receivable $8,670; credit Sales $8,670.
D. Debit Notes Receivable $8,500; credit Sales $8,500.
E. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable $8,500.
Answer: B
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