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Example 2: On Dec. 16, 2011, a company borrows $2,000 from a bank at 12% interest for 60 days. An adjusting entry is needed on

Example 2: On Dec. 16, 2011, a company borrows $2,000 from a bank at 12% interest for 60 days. An adjusting entry is needed on December 31. MISS - Repays the notes after the period end (60 days) + interest. (Maturity date)

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