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Exercise 2-10 (Algo) Adjusting entries; solving for unknowns [LO2-5, 2-6] The Eldorado Corporations controller prepares adjusting entries only at the end of the reporting year.
Exercise 2-10 (Algo) Adjusting entries; solving for unknowns [LO2-5, 2-6] The Eldorado Corporations controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2024: Debit Credit Interest expense 35,280 Interest payable 35,280 Rent expense 10,500 Prepaid rent 10,500 Interest receivable 960 Interest revenue 960 Additional information: The company borrowed $336,000 on March 31, 2024. Principal and interest are due on March 31, 2025. This note is the companys only interest-bearing debt. Rent for the year on the companys office space is $31,500. The rent is paid in advance. On October 31, 2024, Eldorado lent money to a customer. The customer signed a note with princi
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