On November $1,$ Year $1,$ J$.$C$.$ Penney Company borrowed $$24,000$ from Burlington Company and gave a $90-$day, $12\%$ note. On December $31,$ Year $1$ the end of the accounting period, Burlington makes the following entry:

Select one:

a$.$

Debit Credit

Interest Receivable $720$

Interest Revenue $720$

b$.$

Debit Credit

Notes Receivable $480$

Notes Revenue $480$

c$.$

Debit Credit

Interest Expense $720$

Interest Payable $720$

d$.$

Debit Credit

Interest Receivable $480$

Interest Revenue $480$

e$.$

Debit Credit

Cash $480$

Interest Revenue $480$