Question text

On December 1, 2016, Cybele Company accepts a $24,000, 90 day, 8% note from a customer. If Cybele Companys accounting period ends on December 31, and the note is collected on March 1, 2017, which one of the following statements will be true for Cybele Company?

Select one:

A. On December 31, 2016, they will credit Interest Receivable for $160

B. On March 1, 2017, they will credit Interest Receivable for $160

C. On December 31, 2016, they will debit Interest Income for $160

D. On March 1, 2017, they will credit Interest Income for $160