Question: On December 1 , Henry borrowed $ 5 1 , 0 0 0 at a 6 % interest rate from Main Street Bank. The note

On December 1, Henry borrowed $51,000 at a 6% interest rate from Main Street Bank.
The note payable plus interest will not be paid until April 1 of the following year. Henry's
accounting period ends on December 31, and adjustments are only made at year-end.
Prepare the adjusting entry needed on December 31 for Henry.
On December 1, Henry borrowed $51,000 at a 6% interest rate

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