TB MC Qu$.111($Algo$)$ Jasper makes...

Jasper makes a $$26,000,90-$day, $7\mathrm{.}5\%$ cash loan to Clayborn Company. Jasper's entry to record the collection of the note and interest at maturity should be: Note: Use $360$ days a year.

Multiple Choice

Debit Cash $$26,487\mathrm{.}50$; credit Notes Receivable for $$26,487\mathrm{.}50.$

Debit Cash $$26,487\mathrm{.}50$; credit Interest Revenue $$487\mathrm{.}50$; credit Notes Receivable $$26,000.$

Debit Cash for $$26,000$; credit Notes Receivable $$26,000.$

Debit Cash $$27,950$; credit Interest Revenue $$1,950,$ credit Notes Receivable $$26,000.$

Debit Notes Payable $$26,000$; Debit Interest Expense $$1,950$; credit Cash $$27,950.$