On December 1, Henry borrowed $51,000 at a 6% interest rate from Main Street Bank....
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Accounting
On December Henry borrowed $ at a interest rate from Main Street Bank. The note payable plus interest will not be paid until April of the following year. Henry's accounting period ends on December and adjustments are only made at yearend. Prepare the adjusting entry needed on December for Henry. 
On December Henry borrowed $ at a interest rate from Main Street Bank.
The note payable plus interest will not be paid until April of the following year. Henry's
accounting period ends on December and adjustments are only made at yearend.
Prepare the adjusting entry needed on December for Henry.
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