Joyce's Gifts Signs a Three-Month Note Payable to Help Finance $\$ 50,000$

Joyce's Gifts signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 in the amount of $\$ 50,000$ with annual interest of $12 \%$ . What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest?

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