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Please show step by step how to solve: The unadjusted trial balance of Dress Right Clothing Corporation reflects a balance in the notes payable account
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The unadjusted trial balance of Dress Right Clothing Corporation reflects a balance in the notes payable account of $100,000. The company borrowed this amount on October 1, 2020, evidenced by two notes, each requiring the payment of 10% interest.
The December 31 adjusting entry is:
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