On September 1, 2020 Jackson Co. borrows $10,000 from 1st Bank. The terms of the loan are: interest = 6%, matures in 5 years. A principal payment of $2,000 will be made on each September 1 plus interest beginning on September 1, 2021 and each following year until the loan is paid in full. The journal entry to record the transaction would include:
Group of answer choices
a. Credit Notes Payable $10,000
b. Credit Cash $10,000
c. Debit Notes Payable $10,000
d. None of the above