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Laurel Company uses accrual accounting and issues monthly financial statements. On September 1, 2021, Laurel Company lends Stella Corporation $20,000 and accepts a six-month, 3%

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Laurel Company uses accrual accounting and issues monthly financial statements. On September 1, 2021, Laurel Company lends Stella Corporation $20,000 and accepts a six-month, 3% interest note. The total amount of interest recorded in the September 30,2021 , adjusting entry is $300 $600 $3,600 $50

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