On October 1, Sam's Painting Service borrows $150,000 from National Bank on a 3-month, $150,000, 4% note. What entry must Sam's Painting Service make on December 31 before financial statements are prepared? 
Definitions:
Journal Entry
A record in accounting that represents a single transaction and its impact on the financial statements, made up of debits and credits.
Purchase Price
The amount of money paid or agreed to be paid by the buyer to acquire a good or service from the seller.
Treasury Stock
Stock that has been repurchased by the issuing company, reducing the amount of outstanding stock on the open market.
Sales Price
The amount of money charged for a product or service, or the sum received upon the sale of a product or service.
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