Reference no: EM132934243
Problem 1: Jasper makes a cash loan of $ 25,000, 90 days, 7% to Clayborn Co. Jasper's input to record the receipt of the note and interest at maturity should be: (Use 360 ??days per year).
1- Cash debit $ 25,437.50; Credit promissory notes receivable for $ 25,437.50.
2- Cash debit $ 25,437.50; credit Interest income $ 437.50; credit notes receivable $ 25,000.
3- Cash debit $ 26,750; credit Interest income $ 1,750, credit accounts receivable $ 25,000.
4- Debit accounts payable $ 25,000; Debit Interest expense $ 1,750; Credit Cash $ 26,750.
5- Cash debit $ 25,000; credit accounts receivable $ 25,000.
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: Jasper makes a cash loan of $ 25,000, 90 days, 7% to Clayborn Co. Jasper's input to record the receipt of the note and interest at maturity should be
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