On December 1, 2010, Young Co $\begin{array}{ll}\text { March 1, } 2011\\\text { Note Payable } & 23,520 \\\text { Cash } & 23,520\end{array}$

On December 1, 2010, Young Co.borrowed money at the bank by signing a 90-day non-interest-bearing note for $24, 000 that was discounted at 8%.Which of the following entries is correct?

A)
$\begin{array}{ll}\text { March 1, } 2011\\\text { Note Payable } & 23,520 \\\text { Cash } & 23,520\end{array}$
B)
$\begin{array}{ccc}\text { December } 31,2010\\\text { Interest Expense } & 160 & \\\text { Interest Payable } & & 160\end{array}$
C)
$\begin{array}{ll}\text { December } 1,2010\\\text { Cash } & 24,000 \\\text { Note Payable } & 24,000\end{array}$
D)
$\begin{array}{llr} \text { December 31,2010 } &\\ \text {Interest Expense } &160\\ \text { Discount on Notes Payable} &&160\end{array}$