15.) Jasper makes a $48,000, 90-day, 8.0% cash loan to Clayborn Company. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)

A. Debit Cash $51,840; credit Interest Revenue $3,840, credit Notes Receivable $48,000.

B. Debit Notes Payable $48,000; Debit Interest Expense $3,840; credit Cash $51,840.

C. Debit Cash $48,840.00; credit Notes Receivable for $48,840.00.

D. Debit Cash $48,840.00; credit Interest Revenue $840.00; credit Notes Receivable $48,000.

E. Debit Cash for $48,000; credit Notes Receivable $48,000.

16.) On July 9, Mifflin Company receives an $8,800, 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?

A. Debit Notes Receivable $9,033; credit Interest Revenue $233; credit Accounts ReceivableP. Summers $8,800.

B. Debit Accounts ReceivableP. Summers $8,800; credit Sales $8,800.

C. Debit Notes Receivable $8,976; credit Sales $8,976.

D. Debit Notes Receivable $8,800; credit Accounts ReceivableP. Summers $8,800.

E. Debit Notes Receivable $8,800; credit Sales $8,800.

17.) MacKenzie Company sold $760 of merchandise to a customer who used a Regional Bank credit card. Regional Bank charges a 1.0% fee for sales on its credit cards. The journal entry to record this sales transaction would be:

A. Debit Cash $752.40 and credit Sales $752.40.

B. Debit Cash of $760 and credit Sales $760.

C. Debit Cash $752.40; debit Credit Card Expense $7.60 and credit Sales $760.

D. Debit Cash of $760 and credit Accounts Receivable $760.

E. Debit Accounts Receivable $760 and credit Sales $760.