On November 1,Willis Corporation sold merchandise in return for a 6%,three-month note receivable in the amount of $60,000.The proper adjusting entry at December 31 (end of Willis's fiscal year) includes a:
A) Credit to Interest Revenue of $600.
B) Debit to Cash of $600.
C) Debit to Interest Receivable of $300.
D) Credit to Notes Receivable of $900.
Correct Answer:
Verified
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