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Identify the Type of Adjustment Necessary (The Type of Item

Question 52

Essay

Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event. Make sure to include the ending balances after adjustment.
On June 1, Tasty Sausage Corp. borrowed $25,000 from the bank by signing a promissory note from the bank, with 8% interest. The note is due in three months. Interest for June has been incurred but not yet recorded. The interest to accrue for June is $175. The June 30 adjustment is:
Identify the type of adjustment necessary (the type of item involved) and record the transaction for the event. Make sure to include the ending balances after adjustment. On June 1, Tasty Sausage Corp. borrowed $25,000 from the bank by signing a promissory note from the bank, with 8% interest. The note is due in three months. Interest for June has been incurred but not yet recorded. The interest to accrue for June is $175. The June 30 adjustment is:

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