Giorgio Italian Market bought $8200 worth of merchandise from Food Suppliers and signed a 90-day, 6% promissory note for the $8200. Food Supplier's journal entry to record the collection on the maturity date is: (Use 360 days a year.)
A. Debit Cash $8200; debit Interest Receivable $123; credit Sales $8323
B. Debit Notes Receivable $8323; credit Sales $8323
C. Debit Cash $8323; credit Interest Revenue $123; credit Notes Receivable $8200
D. Debit Cash $8323; credit Notes Receivable $8323
E. Debit Notes Receivable $8200; credit Cash $8200
Answer: C
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