On September 1, Y1, ABC assigned $105,000 of accounts receivable to City Bank. The bank advanced $95,000, less a service charge of $2,000. ABC signed a $95,000 promissory note bearing interest of 24% on the unpaid loan balance.

On September 28th, ABC collected assigned accounts of $65,000. On September 30th ABC remitted the September 28th collections to City Bank.

What amount would be in the Note Payable account on the Balance Sheet dated September 30th in connection with the assigning of the accounts receivable?

$65,000

$40,000

$31,900

$95,000