On October 1, Steve's Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. What entry must Steve's Carpet Service make on December 31 before financial statements are prepared? 
Definitions:
Movietone
Movietone refers to an early sound film system that combined motion pictures with synchronized recorded sound.
Three-strip Technicolor
Three-strip Technicolor is a color film process that uses three strips of film to capture the red, green, and blue color components, introduced in the 1930s to create vivid color movies.
Sound Cinema Technology
The technology enabling the synchronization of motion picture with sound, revolutionizing the film industry in the late 1920s.
Phonograph
An early sound-reproducing machine that uses cylinders or discs to record and playback sound, invented in the late 19th century.
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