Prepare the adjusting entry of the given date below

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Reference no: EM131910009

Question

On 10/1/12, Conan lent $30,000 to another company. The other company signed a nine-month, 12% note that is dated 10/1/12 and matures with interest on 6/30/13.

Prepare the 12/31/12 adjusting entry and the entry when Conan collects the principal and total interest on 6/30/13.

Reference no: EM131910009

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