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Jasper makes a $81,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
Multiple Choice
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Debit Notes Receivable $81,000; credit Sales $81,000.
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Debit Notes Payable $81,000; credit Accounts Payable $81,000.
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Debit Accounts Receivable $81,000; credit Notes Receivable $81,000.
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Debit Notes Receivable for $81,000; credit Cash $81,000.
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Debit Cash $81,000; credit Notes Receivable for $81,000.
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