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Is an adjusting entry required at december and why

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On November 1, 2021, Catella Inc lent $200,000 to the president at 9% interest for 6 months. The company has a december 31 year end and records adjusting entries annually. The president pays interest on the 1st of every month. The company uses the balance sheet method to record adjusting entries

Problem 1: What is the dollar amount of the entry on December 31? Is an adjusting entry required at December 31?

Reference no: EM132993577

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