On July 9,Mifflin Company Receives a $8,500,90-Day,8% Note from Customer

Multiple Choice

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?

A) Debit Accounts Receivable $8,500;credit Sales $8,500.
B) Debit Notes Receivable $8,670;credit Sales $8,670.
C) Debit Notes Receivable $8,500;credit Accounts Receivable $8,500.
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.