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Please show how to solve step by step. Assume that Dress Right loaned another corporation $50,000 at the beginning of July, evidenced by a note
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Assume that Dress Right loaned another corporation $50,000 at the beginning of July, evidenced by a note receivable. Terms of the note call for the payment of the principal of $50,000, and interest at 10% in eight months. The December 31 adjusting entry is: Interest receivable Interest revenue Debit Credit 2500 2500Step by Step Solution
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