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Required: What is the adjusting entry on December 31, 2020 (end of the accounting period) on the books of the borrower? Make a complete entry.

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What is the adjusting entry on December 31, 2020 (end of the accounting period) on the books of the borrower? Make a complete entry.

On September, 2020 Mr.X lent P100,000 one year note, 12% interest bearing where interest is paid by the borrower in advance.

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