uppose that the First National Bank of Missouri (First National) loans $20,000 to Alex Harris (Harris) to operate his sole proprietorship, doing business as Alex Harris Catering Services. The loan is for five (5) years at he current market interest rate of 6.75 percent, and First National has already disbursed the entire loan amount to Harris in one lump sum. What is the correct journal entry to recognize? Multiple Choice In Alex Harris' personal financial records debit Cash $20,000 and credit Notes Payable $20,000. In Alex Harris Catering Services accounting records debit Cash $20,000 and credit Notes Payable $20,000. In Alex Harris' personal financial records credit Cash $20,000 and debit Notes Payable $20,000. In Alex Harris Catering Services accounting records credit Cash $20,000 and debit Notes Payable $20,000. None of the other choices are correct