On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $17,100. What is the adjusting entry for the accrued interest at December 31 on the note

Having a long credit that will be corrected is better that a short credit that is clear is simply because with long credit history, a prospective lender can see how you have operated your credit facility over a considerable period. nobody's credit history is perfect - everyone has at least 1 or 2 lapses on their record. have short history of your credit doesn't show patterns or trends of persistent late payments.

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