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Identify and analyze the adjustment to be recorded on

Identify and analyze the adjustment to be recorded on December 31, 2014.

Palmer Industries prepares annual financial statements and adjusts its accounts, only at the end of the year. The following information is available for the year ended December 31, 2014.

Palmer took out a 120 day, 9%, $200,000 note on November 1, 2014, with interest and principal to be paid at maturity.

Identify and analyze the adjustment to be recorded on December 31, 2014.

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Accounting Basics: Identify and analyze the adjustment to be recorded on

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Accounting Basics: Identify and analyze the adjustment to be recorded on

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