Jasper makes a $92,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:

Multiple Choice

• Debit Notes Receivable $92,000; credit Sales $92,000.

• Debit Accounts Receivable $92,000; credit Notes Receivable $92,000.

• Debit Notes Payable $92,000; credit Accounts Payable $92,000.

• Debit Notes Receivable for $92,000; credit Cash $92,000.

• Debit Cash $92,000; credit Notes Receivable for $92,000.