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Prepare the year-end adjusting entry as of december

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Problem 1: On May 1, 2020, Marco's Food Supply loaned $20,000 to an outside third party charging 6% interest. No cash payments for interest or principal are due to Marco until the end of the one-year period. Prepare the year-end adjusting entry as of December 31, 2020.

Reference no: EM132829650

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