What is the adjusting entry for accruing interest

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Question

On september 1 kennedy company loaned $102,000 at 10% interest to a customer. Interest and principal will be collected when the loan matures one year from the issue date.

Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31st, the year end.

Reference no: EM132324778

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