Contributor Enterprise Borrowed $2,400 on February 1,2012 $\begin{array}{lll}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\{\text { Notes Payable Expense }} & 2,400 & \\\text {Cash } & & 2,400 & \\\end{array}$

Multiple Choice

Contributor Enterprise borrowed $2,400 on February 1,2012.All interest has been paid and properly recorded for separately.On March 31,2012,the company repaid the loan.Which of the following is the journal entry to be made at the time of the loan repayment?

A) $\begin{array}{lll}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\{\text { Notes Payable Expense }} & 2,400 & \\\text {Cash } & & 2,400 & \\\end{array}$

B) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Notes Payable } & 2,400& \\\quad \text { Cash } & & 2,400\\\end{array}$

C) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Cash } & 2,400 & \\\quad \text { Notes Payable Expense } & & 2,400\\\end{array}$

D) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Cash } & 2,400 & \\\quad \text { Notes Payable } & & 2,400\\\end{array}$

E) $\begin{array}{lccc}\text { } & \mathrm{Dr.}& \mathrm{Cr.}\\\text { Cash } & 2,400 & \\\quad \text { Notes Receivable } & & 2,400\\\end{array}$