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A bank loan was taken out on 5/1/2024 for $10,000. The loan is due in one year. Prepare an adjusting journal entry on 12/31/24 assuming

A bank loan was taken out on 5/1/2024 for $10,000. The loan is due in one year. Prepare an adjusting journal entry on 12/31/24 assuming the interest rate was 9%

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