Determine adjusting entry to be made on december


Uncle Tupelo's Gifts signs the three-month note payable to assist finance increases in inventory for Christmas shopping season. Note is signed on November 1 in amount of $75,000 with annual interest of 12%. Determine adjusting entry to be made on December 31 for interest expense accrued to that date, if no entries made previously for interest?

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Mathematics: Determine adjusting entry to be made on december
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