Jasper makes a $29,000, 90-day, 9.0% cash loan to Clayborn Co. Jasper's entry to record the...

Jasper makes a $29,000, 90-day, 9.0% 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.)

Debit Cash $29,652.50; credit Interest Revenue $652.50; credit Notes Receivable $29,000.
Debit Notes Payable $29,000; Debit Interest Expense $2,610; credit Cash $31,610.
Debit Cash $31,610; credit Interest Revenue $2,610, credit Notes Receivable $29,000.
Debit Cash $29,652.50; credit Notes Receivable for $29,652.50.
Debit Cash for $29,000; credit Notes Receivable $29,000.

Expert Solution

Interest revenue = 29000×9%× 90 days /360 days= 652.5

Cash = 29000+ 652.5= 29652.5

Notes receivable = 29000

Journal Entry

Debit Cash 29652.5, Credit interest revenue 652.5 , Credit Notes receivable

ekkarill92 answered 2 years ago

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