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Business, 27.03.2021 03:20 heartprague

Jasper makes a $25,000, 90-day, 7 % cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.) A) Debit Cash for $25,000; credit Notes Receivable $25,000.
B) Debit Cash $25,437.50, credit Interest Revenue $437.50; credit Notes Receivable $25,000.
C) Debit Cash $25,437.50; credit Notes Receivable for $25,437.50.
D) Debit Notes Payable $25,000; Debit Interest Expense $1,750; credit Cash $26,750.
E) Debit Cash $26,750; credit Interest Revenue $1,750, credit Notes Receivable $25,000.

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Jasper makes a $25,000, 90-day, 7 % cash loan to Clayborn Co. Jasper's entry to record the collectio...

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