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Which debit or credit is correctly included

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Question - On October 1 of Year 1, a company made a $60,000 cash loan to another company. The interest rate on the loan is 5%. No cash payments will be collected on the loan until September 30 of Year 2. Which debit or credit is correctly included in the adjusting journal entry necessary on the company's books (the lender) on December 31 with respect to this loan?

Reference no: EM132748572

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