Blossom Company borrows $88,800 on July 1 from the bank by signing a $88,800, 9%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b) accrued interest at December 31, assuming adjustments are made only at the end of the year.

Thanks in advance!

Assets Liabilities Stockholders' Equity Retained Earnings Common Revenue + Stock Expense Dividend 8880 8880 interest expense