On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable on an overdue account payable to Seller Co. Assume that the fiscal year of Alton Co. ends June 30. Which of the following relationships is true?
a. Alton is the creditor and credits Accounts Receivable
b. Seller is the creditor and debits Accounts Receivable
c. Seller is the borrower and credits Accounts Payable
d. Alton is the borrower and debits Accounts Payable
