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Determine what is the adjusting entry for accruing interest

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Reference no: EM132485751

Point 1: On September 1, Kennedy Company loaned $100,000, at 12% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date.

Question 1: Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?

Reference no: EM132485751

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