On November 1, Ye Olde Gift Shoppe signed a 6%, three-month note payable for $100,000 to help finance increases in inventory for the Christmas shopping season. Assuming no entries have been made previously for the interest on this note, what is the required adjusting entry for the interest accrued to December 31?

Question

On November 1, Ye Olde Gift Shoppe signed a 6%, three-month note payable for $100,000 to help finance increases in inventory for the Christmas shopping season. Assuming no entries have been made previously for the interest on this note, what is the required adjusting entry for the interest accrued to December 31? On November 1, Ye Olde Gift Shoppe signed a 6%, three-month note payable for $100,000 to help finance increases in inventory for the Christmas shopping season. Assuming no entries have been made previously for the interest on this note, what is the required adjusting entry for the interest accrued to December 31?

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The Answer of On November 1, Ye Olde Gift Shoppe signed a 6%, three-month note payable for $100,000 to help finance increases in inventory for the Christmas shopping season. Assuming no entries have been made previously for the interest on this note, what is the required adjusting entry for the interest accrued to December 31?

On November 1, Ye Olde Gift Shoppe Signed a 6