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Jasper makes a exist31,000, 90-day, 6.5% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should
Jasper makes a exist31,000, 90-day, 6.5% 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 exist33.015: credit Interest Revenue exist2, 015, credit Notes Receivable exist31,000. Debit Notes Payable exist31,000: Debit Interest Expense exist2.015: credit Cash exist33, 015. Debit Cash for exist31.000: credit Notes Receivable exist31.000. Debit Cash exist31.503.8: credit Interest Revenue exist503.8: credit Notes Receivable exist31.000. Debit Cash exist31, 503.8: credit Notes Receivable for exist31.503.8
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