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On May 28, Jackson Jones borrowed $40,000 cash and gave the lender a 5%, 90 day note. Which of the following is the correct journal

On May 28, Jackson Jones borrowed $40,000 cash and gave the lender a 5%, 90 day note. Which of the following is the correct journal entry to record the note on Jones books on May 28th - the day the note was given?

DEBIT NOTES RECEIVABLE FOR $40,

DEBIT NOTES PAYABLE FOR 40

CREDIT NOTES PAYABLE FOR 40

CREDIT NOTES RECEIVABLE FOR 40

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