Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World's journal entry to record the collection on the maturity date is:
A. Debit Notes Receivable $8,008; credit Cash $7,904; credit Interest Revenue $104
B. Debit Cash $7,904; credit Notes Receivable $7,800; credit Interest Revenue $104
C. Debit Cash $7,800; credit Accounts Receivable $7,800
D. Debit Accounts Receivable $7,904; credit Notes Receivable $7,800; credit Interest Receivable $104
E. Debit Cash $7,904; credit Notes Receivable $7,904
Answer: B
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