Accounting:

On $\frac{10}{1}\frac{?}{23}$ KellCO borrowed $$200,000$ from their business bank with terms of $8\%$ interest in the term of the loan is five months. The principal and interest will be paid at the end of that period.

Required $12$ pts:

Make the adjusting entry on $12/31/23$ and the required entry when the loan is paid on $2/28/24.$ Use months to calculate the interest not days.

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