asper makes a $40,000, 90-day, 8% 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.)

rev: 09_24_2021_QC_CS-279408

Multiple Choice

• Debit Cash $40,800; credit Interest Revenue $800; credit Notes Receivable $40,000.

• Debit Notes Payable $40,000; Debit Interest Expense $3,200; credit Cash $43,200.

• Debit Cash $43,200; credit Interest Revenue $3,200, credit Notes Receivable $40,000.

• Debit Cash $40,800; credit Notes Receivable for $40,800.

• Debit Cash for $40,000; credit Notes Receivable $40,000.