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2. Prepare the adjusting entry on December 31st, assuming monthly adjusting entries have not been made. International Bank agrees to lend $25,000 on October 1,

2. Prepare the adjusting entry on December 31st, assuming monthly adjusting entries have not been made.

International Bank agrees to lend $25,000 on October 1, 2019, if El Globo Inc, signs a $25,000, 8%, five-month note maturing on February 1. Prepare El Globo Inc. entry for October 1st

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