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On November 1, Willis Corporation sold merchandise in return for a 6%, 90-day note receivable in the amount of $60,000. The proper adjusting entry at
On November 1, Willis Corporation sold merchandise in return for a 6%, 90-day note receivable in the amount of $60,000. The proper adjusting entry at December 31 (end of Willis's fiscal year) includes a:
Credit to Interest Revenue of $600. | |
Debit to Cash of $600. | |
Debit to Interest Receivable of $300. | |
Credit to Notes Receivable of $900. |
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