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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
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.) Multiple Choice Debit Cash for $25,000; credit Notes Receivable $25,000. Debit Cash $25,437.50; credit Interest Revenue $437.50; credit Notes Receivable $25,000. Debit Cash $25,437.50; credit Notes Receivable for $25,437.50.
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