On May 22, Jarrett Company borrows $7,500 from Fairmont Financing, signing a 90-day, 8%, $7,500 note. What is the journal entry needed to record the transaction by Jarrett Company?
A. Debit Notes Receivable $7,500; credit Cash $7,500.
B. Debit Cash $7,650; credit Notes Payable $7,650.
C. Debit Cash $7,500; credit Accounts Payable $7,500.
D. Debit Cash $7,500; credit Notes Payable $7,500.
E. Debit Accounts Payable $7,500; credit Notes Payable $7,500.
Answer: D
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