14 Jasper makes a 80000 90day 7 cash loan to Clayborn Co Jas

14. Jasper makes a $80,000, 90-day, 7% cash loan to Clayborn Co. Jaspers entry to record the transaction should be O Debit Notes Receivable for $80,000; credit Cash $80,000 O Debit Accounts Receivable $80,000; credit Notes Receivable $80,000. O Debit Cash $80,000; credit Notes Receivable for $80,000. O Debit Notes Payable $80,000; credit Accounts Payable $80,000. O Debit Notes Receivable $80,000; credit Sales $80,000.

Solution

Journal entry :

So answer is a) Debit notes receivable for $80000; Credit cash $80000

Date	account & explanation	debit	credit
	Notes receivable	80000
	Cash		80000