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Use these facts for the next three questions: On May 1, 2014, Your Company borrowed $12,000 from Ace Company. It is a one year loan

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Use these facts for the next three questions: On May 1, 2014, Your Company borrowed $12,000 from Ace Company. It is a one year loan and bears interest at 5%. 1. Select the entry that shows the effect of the December 31, 2014 adjusting entry to accrue interest on the financial statements

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