Question: Uncle Richard's Gifts signs a three - month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed

Uncle Richard'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 $75100 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?
Uncle Richard's Gifts signs a three-month note payable to help finance

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