Jasper makes a $89,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
A. Debit Notes Payable $89,000; credit Accounts Payable $89,000.
B. Debit Notes Receivable $89,000; credit Sales $89,000.
C. Debit Notes Receivable for $89,000; credit Cash $89,000.
D. Debit Accounts Receivable $89,000; credit Notes Receivable $89,000.
E. Debit Cash $89,000; credit Notes Receivable for $89,000.
Answer: C
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