On December 31, 2013, Dover Co. accrued $1,000 of interest on a $20,000 note it had issued from the Friendly Bank on July 1, 2013. The principal and interest on the note are to be repaid on June 30, 2014 How would Dover's year-end adjustment to accrue the interest on the loan affect its financial statements for 2013?

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The Answer of On December 31, 2013, Dover Co. accrued $1,000 of interest on a $20,000 note it had issued from the Friendly Bank on July 1, 2013. The principal and interest on the note are to be repaid on June 30, 2014 How would Dover's year-end adjustment to accrue the interest on the loan affect its financial statements for 2013?