On November 1, Greenfield Corporation borrowed $55,000 from a bank and signed a 12%, 90-day note payable in the amount of $55,000. If you assume 360 days in year, the November 30 adjustment will

a.increase discount on notes payable by $1,100 and increase interest payable by $1,100.

b.increase interest expense by $550 and decrease cash by $550.

c.increase interest expense by $550 and increase notes payable by $550.

d.increase interest expense by $550 and increase interest payable by $550.