On October 1, 2018, Highview Company borrows $200,000 on a three-year note that requires the company to pay 6% interest on March 31 and September 30. On December 31, 2018, the adjusting entry to accrue interest on the note should debit: Multiple Choice Interest Expense and credit Interest Payable for $3,000. Interest Expense and credit Interest Payable for $6,000. Interest Expense and credit Cash for $6,000. Interest Payable and credit Interest Expense for $3,000. Wool Co. makes a sale and collects a total of $540.00, which includes an 8% sales tax. What is the amount that will be credited to the Sales Revenue account? Multiple Choice $498.00 $500.00 $540.00 $583.20