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On December 1 , Casio borrowed $ 5 0 , 0 0 0 at a 6 % interest rate from One Mutual Bank. The note

On December 1, Casio borrowed $50,000 at a 6% interest rate from One Mutual Bank. The note payable plus interest will not be paid until April 1 of the following year. Casio's accounting period ends on December 31, and adjustments are only made at year-end. The adjusting entry needed on December 31 for Casio is:
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