Use the following information for questions .
On October 1, Jacob's Auto Service borrows $75,000 from Provincial Bank on a $75,000, 3-month, 6% note.
-What entry must Jacob's Auto Service make on December 31 before financial statements are prepared? 
Definitions:
Agents
Individuals or entities authorized to act on behalf of another (the principal) in dealings with third parties, typically creating a legal or business relationship.
Sole Proprietorships
A simple business structure where a single individual owns and operates the business.
Action Against Directors
Legal proceedings initiated to hold directors of a company responsible for their actions or omissions that harm the company or its stakeholders.
Preferred Shares
A type of stock that offers dividends at fixed rates before any dividends can be issued to common shareholders and typically does not carry voting rights.
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