Appalachian Ski Shop Signs a Three-Month Note Payable to Help

question 193

Short Answer

Appalachian Ski Shop signs a three-month note payable to help finance increases in inventory for the winter ski season.The note is signed on October 1, 2022 in the amount of $30,000 with annual interest of 6%.What is the adjusting entry to be made on December 31, 2022 for the interest expense accrued to that date, assuming that no entries have been made previously to accrue interest?

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Definitions:

Direct Approach

A communication method where the main idea or message is presented at the beginning, followed by supporting details.

Sexuality Group

A therapy or support group focused on discussing and exploring issues related to sexual orientation, identity, and health.

Patients

Individuals receiving medical treatment or under the care of healthcare professionals.

Effectiveness

The degree to which something achieves its intended outcome or works well in real-world conditions.