Jasper makes a $33,000, 90-day, 7.5% 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 $35,475; credit Interest Revenue $2,475, credit Notes Receivable $33,000.

• Debit Notes Payable $33,000; Debit Interest Expense $2,475; credit Cash $35,475.

• Debit Cash for $33,000; credit Notes Receivable $33,000.

• Debit Cash $33,618.75; credit Notes Receivable for $33,618.75.

• Debit Cash $33,618.75; credit Interest Revenue $618.75; credit Notes Receivable $33,000.