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TB MC Qu$.07-111($Algo$)$ Jasper makes...

Jasper makes a $$48,000,90-$day, $8\%$ cash loan to Clayborn Company. Jasper's entry to record the collection of the note and interest at maturity should be: $($Use $360$ days a year.$)$

Multiple Choice

Debit Cash for $$48,000$; credit Notes Receivable $$48,000.$

Debit Cash $$48,960$; credit Interest Revenue $$960$; credit Notes Receivable $$48,000.$

Debit Cash $$48,960$; credit Notes Receivable for $$48,960.$

Debit Notes Payable $$48,000$; Debit Interest Expense $$3,840$; credit Cash $$51,840.$

Debit Cash $$51,840$; credit Interest Revenue $$3,840,$ credit Notes Receivable $$48,000.$