Cullumber Financial Services loaned Sharp Inc. $110,000 cash in exchange for a one-year, 4% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Cullumber has a December 31 year end and records adjusting entries annually.

Prepare the adjusting journal entry for accrued interest on December 31, 2021

Question 14 Cullumber Financial Services loaned Sharp Inc. $110,000 cash in exchange for a one-year, 4% note on July 1, 2021. Interest is payable quarterly beginning on October 1, 2021. Cullumber has a December 31 year end and records adjusting entries annually Prepare the adjusting journal entry for accrued interest on December 31, 2021. (Credit account titles are entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles Date Account Titles and Explanation Debit Credit Dec. 31 (To accrue interest earned.)