On November 1, Year 1, Metro Corporation borrowed $55,000 from a bank and signed a 12%, 90-day note payable in the amount of $55,000, The adjusting entry, dated November 30, Year 1, will be (assume 360 days in year): Multiple Choice Debit Interest Expense $550 and credit interest Payable $550. Debit Interest Expense $550 and credit Cash $550 Debit Discount on Notes Payable $1300 and credit interest Payable $1,100 Debit Interest Expense $550 and credit Notes Payable $550