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On June 1, Waterway Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note. Prepare the adjusting entry on June 30.

On June 1, Waterway Company borrows $111,000 from First Bank on a 6-month, $111,000, 8% note.

Prepare the adjusting entry on June 30.

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