Queson 41 Not Mark out of 1.00 A loan has been made by the bank on 31st October for 60 days to Company Trading LLC. Company Trading LLC has signed a note with face value equals to the amount borrowed. Trading LLC has issued a note payable to the bank for OMR 5,000 plus interest at rate of 12% for 60 days. At the time at issuance of note, which journal entry will be passed by the company XYZ assuming that there are 360 days in a year? 42 Cash will be debit OMR 5,000, Notes payable will be credit CMR 5,000 None of these Cash will be debit OMR 5,000 and interest will be debit OMR 100, Notes payable will be credit OMR 5,100 Cash will be debit OMR 5,100, Notes payable will be credit OMR 5,100 (Mark)