On july 9, mifflin company receives a $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?

Dr Cash $8,670

Cr Interest Revenue $170

Cr Note Receivable $8,500        

Explanation:

As we know that the interest given is for a year, so we should calculate the interest rate for a unit month, which is calculated as under:

Interest per month = 0.08/12 = 0.0067

Interest revenue = Note Value * Interest rate per month * Number of months

Interest revenue = $8,500 * 0.0067 * 3

Interest revenue = $170

The double entry would be as under:

Dr Cash $8,670 ($8,500 Note Value + $170 Interest Revenue)

Cr Interest Revenue $170

Cr Note Receivable $8,500

July 9, promissory note received from Payton Summers

Dr Notes receivable 8,500

    Cr Accounts receivable 8,500

Explanation:

Since the note is received as payment for an account receivable, you must increase notes payable (debit) and decrease accounts receivable (credit). This note is a current account that is due in 90 days, so it must be recorded at face value.

idk

explanation:

bc why nah

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.