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Ricky loaned Fred $8,000 on August 18th. The loan was for 120 days and the interest rate was 10% (360 days basis). If Fred is

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Ricky loaned Fred $8,000 on August 18th. The loan was for 120 days and the interest rate was 10% (360 days basis). If Fred is preparing his financial statements for the quarter ended September 30th, what adjusting entry will he make in respect of Ricky's note? Cr Dr 95.56 (a) Accounts Interest Expense Interest Payable (b) Interest Expense 95.56 266.67

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