Your firm holds a $$15,000,8\%$ note receivable issues on August $1,20$x$0.$ Interest is paid once a year on July $31.$ On July $31,20$x$6,$ you receive the normal interest payment.

A$)$ What adjusting entry must you record December $31,20$x$6.$

$($Answered$)$

B$)$ If this entry is not recorded, how will it affect your company$$s financial statements?