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Algonquin Provincial Bank Agrees to Lend Grimwood Brick Company $80,000

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Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note. -What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30?

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