Question
Jasper makes a $35,000, 90-day, 8.5% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should
Jasper makes a $35,000, 90-day, 8.5% 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.)
| Debit Cash for $35,000; credit Notes Receivable $35,000. | ||
| Debit Cash $35,743.75; credit Notes Receivable for $35,743.75. | ||
| Debit Notes Payable $35,000; Debit Interest Expense $2975; credit Cash $37,975. | ||
| Debit Cash $37,975; credit Interest Revenue $2975, credit Notes Receivable $35,000. | ||
| Debit Cash $35,743.75; credit Interest Revenue $743.75; credit Notes Receivable $35,000. |
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
