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33) Jasper makes a $25,000, 90-day, 7 % cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at
33) Jasper makes a $25,000, 90-day, 7 % cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.) A) Debit Cash for $25,000; credit Notes Receivable $25,000. B) Debit Cash $25,437.50, credit Interest Revenue $437.50; credit Notes Receivable $25,000. C) Debit Cash $25,437.50; credit Notes Receivable for $25,437.50. D) Debit Notes Payable $25,000; Debit Interest Expense $1,750; credit Cash $26,750. E) Debit Cash $26,750; credit Interest Revenue $1,750, credit Notes Receivable $25,000
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