1) Snow White Company borrowed $72,000 from Bank of Fairytales on December 1, 2019, and signed a 90 day, 8% Notes Payable. If Snow Whites accounting period ends on December 31, 2019, which of the following will not be true for Snow White Company?

Select one:

A. On December 31, 2019, Snow White will debit Interest Expense for $480

B. On December 31, 2019, Snow White will credit Interest Payable for $480

C. On March 1, 2020, Snow White will debit Interest Expense for $960

D. On March 1, 2020, Snow White will debit Interest Payable for $960