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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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