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Financial Accounting!!! Adjusting Entry: Prepare the adjusting entry for the end of the month of December 2015 Given: On November 1, 2015, the company borrowed

Financial Accounting!!! Adjusting Entry:

Prepare the adjusting entry for the end of the month of December 2015 Given: On November 1, 2015, the company borrowed $5,000 by signing a three-month, 6 percent note payable. The entire note is due on February 1, 2016 Is it: Debit Interest Expense of $25 and Credit interest Payable of $25?

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