$$ Prepare adjusting, reversing, and subsequent entries.

$**$BE$4\mathrm{.}19($LO $6)$ AP At December $31,2024,$ Giselle Company had a five$-$month, $5\%,$ $$90,000$ note receivable that was issued on October $1,2024.$ Interest and principal are payable at maturity on March $1,2025.($a$)$ Prepare the December $31,2024,$ adjusting entry for accrued interest. $($b$)$ Prepare the January $1,2025,$ reversing entry. $($c$)$ Prepare the March $1,2025,$ entry to record the receipt of cash at maturity for the note.

Exercises

Prepare and post closing entries.

E$4\mathrm{.}1($LO $1)$ AP Selected accounts for Lee's Salon at December $31,2024,$ are presented below.