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41 please help asap Uncle Matthew's Gifts signs a thrce-month note payable to help finance increases in inventory for the Christmas shopping season. The note
41 please help asap
Uncle Matthew's Gifts signs a thrce-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 $76800 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? Interest Expense Notes Payable Interest Expense Interest Payable Interest Expense Cash Interest Expense 1536 Interest Payable 1536 1536 2304 2304 1536 1536 1536 Step by Step Solution
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