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On August 1, 2021 a company borrows $50,000 from the bank to increase the amount of inventory and expand the business. The interest rate on
On August 1, 2021 a company borrows $50,000 from the bank to increase the amount of inventory and expand the business. The interest rate on the loan is 4%. The interest and principal is due in one year's time. The company prepared annual adjusting entries at its December 31 year end. Prepare the required adjusting entry and the subsequent cash entry
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