1. GHI Company purchased merchandise from JKL Company on November 1, 2023. JKL accepted GHI's $4,800, 3-month, 10% note as payment. JKL has a December 31 fiscal year-end. What journal entry should JKL make on February 1, 2024, assuming that the note is paid in full? Page 2

A) Cash

4,920

Interest Revenue 120 Notes Receivable 4,800

B) Cash4,920 Notes Receivable

4,920

C) Cash 4,920

Interest Revenue 80 Interest Receivable 40 Notes Receivable 4,800

D) Cash 4920 Interest Revenue 40 Interest Receivable 80 Notes Receivable 4,800

E) Cash4920 Interest Receivable 120 Notes Receivable 4,800