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Riche Bank agreed to lend $45,000 on August 1, 2019, if Brown Co. signs a $45,000, 10%, five-month note maturing on January 1. Prepare the

Riche Bank agreed to lend $45,000 on August 1, 2019, if Brown Co. signs a $45,000, 10%, five-month note maturing on January 1.

Prepare the adjusting entry on December 31, assuming monthly adjusting entries have not been made.

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