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On 1 July 2020, SUNNY BANK gives a loan of 28000 OMR to Rainy Company for three months. The interest rate is 9 %. The

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On 1 July 2020, SUNNY BANK gives a loan of 28000 OMR to Rainy Company for three months. The interest rate is 9 %. The bank opens an account for the customer and deposits the amount into that account. Which of the following is the journal entry to be recorded on 1 July 2020? Select one: OA. Loans 28000 Demand Deposits 28000 . Demand Deposits 3050 3050 Interest Income OC. Demand Deposits 2800 Time Deposits 2800 OD Demand Deposits 34000 Loans 34000

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