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Journal entry Information only , August 1: The business owner loaned the company $10,000 at 4% interest annually to be paid in full in three

Journal entry

Information only, August 1: The business owner loaned the company $10,000 at 4% interest annually to be paid in full in three years.

December 31: Accrue for interest from August 1 to December 31 on the loan.

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