The University signed a promissory note with Bailey Savings & Loan in order to partially fund its construction of its new business building. A review of the amortization schedule for the inte revealed that $$350$ of principal payments will be due in the upcoming fiscal year.

The School also has bonds payable offering interest a rate of $5\%$ per year. The bonds were sold at face value, so there is no unamortized premium or discount. However, the School has not made an adjustment for accrued interest. The last interest payment was made six months ago.

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What would the adjusting entries be for the following situations?