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On May 2 2 , Jarrett Company borrows $ 7 , 6 0 0 , signing a 9 0 - day 6 % , $

On May 22, Jarrett Company borrows $ 7,600, signing a 90- day 6%, $ 7,600 note . What is the journal entry made by Jarrett Company to record the payment of the note on the matu date ? Multiple Choice Debit Notes Payable $ 7,600 ; credit Interest Expense $ 114 ; credit Cash $ 7,486 Debit Notes Payable $ 7,600 ; credit Cash $ 7,600. Debit Notes Payable $
7,714 ; credit Cash $ 7,714 Debit Notes Payable $ 7,600 ; debit Interest Expense $ 114 ; credit Cash $ 7,714. Debit Cash $ 7,714 ; credit Interest Revenue $ 114 ; credit Notes Receivable $ 7,600.

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