Parker Company borrowed $75,000 from First Citizens Bank and signed a 5-year, 4% note on May 2, 2020. The principal and interest are due at maturity. What entry should Parker Company record on May 2, 2020?

Group of answer choices

Debit Notes Receivable, $75,000; Credit Cash, $75,000.

Debit Notes Payable, $75,000; Credit Cash, $75,000.

Debit Cash, $75,000; Credit Notes Receivable, $75,000.

Debit Cash, $75,000; Credit Notes Payable, $75,000.