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Uncle William's Gifts signs a three - month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed

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Uncle William's Gifts signs a three-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 $74900 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?
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