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Posted on Aug 05, 2024

Ace Finance Company lends Acme Industries $ 4 0 , 0 0 0 on August 1 , 2 0 2 5 , accepting a 9

Ace Finance Company lends Acme Industries $

40, 000

on August

1, 2025,

accepting a

9 -

month,

9 %

interest note. If Ace prepares its financial statements as of December

31, 2025,

what adjusting entry must it make?

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