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Vitek1552 [10]
3 years ago
13

On July 9, Mifflin Company receives a $10,400, 90-day, 8% note from customer Payton Summers as payment on account. What entry sh

ould be made on July 9 to record receipt of the note
Business
1 answer:
ruslelena [56]3 years ago
8 0

Answer: Debit Notes Receivable $10,400; credit Accounts Receivable $10,400.

Explanation:

Mifflin Company is receiving the note back from Payton Summers which means that Payton Summers intends to settle their account. The correct entry to record therefore is one that closes off the Notes Receivable account by debiting it as it was on a credit balance.

The other account would be the Accounts Receivable account which would need to be credited by the amount owed to close off the account as it was on a debit balance as Accounts Receivables are when customers are still owing.

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svlad2 [7]

Answer:

the operating margin is 5.4%

Explanation:

The computation of the operating margin is shown below:

As we know that

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= 5.4%

Hence, the operating margin is 5.4%

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3 0
2 years ago
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vovangra [49]

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7 0
3 years ago
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When a policy is surrendered for its cash value,?
ahrayia [7]
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8 0
3 years ago
One reason a long-tenured top-level manager may hesitate to conclude the firm's structure is a problem is that doing so: a. sugg
uysha [10]

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8 0
3 years ago
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Luden [163]

Answer:

c. 30 percent lower.

Explanation:

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