Joyce's Gifts Signs a Three-Month Note Payable to Help Finance

question 8

Short Answer

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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Definitions:

Shark Species

Various types of sharks that exist within the class Chondrichthyes, differing in size, habitat, diet, and behavior, contributing to the biodiversity of marine ecosystems.

Forests

Large areas dominated by trees and undergrowth, playing a crucial role in carbon sequestration, climate regulation, and biodiversity support.

Grasslands

Large open areas of country covered with grass, especially used for grazing.

Mutualistic Associations

describe interactions between species where both parties benefit, fostering cooperation rather than competition.