On December 1, 2016, a firm accepted a 6-month, 12 percent note for $5,000 from a customer. The adjusting entry on December 31 to record the interest earned on the note is:

a debit to Interest Receivable for $600 and a credit to Interest Income for $600.

a debit to Interest Income for $600 and a credit to Interest Receivable for $600.

a debit to Interest Receivable for $50 and a credit to Interest Income for $50.

a debit to Interest Receivable for $300 and a credit to Interest Income for $300.