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What is the adjusting entry necessary on december

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Reference no: EM131891209

Problem

On July 1, 2011, Jane's Craft Shop lent $10,000 to one of its customers and received a one-year note with 10% interest rate. What is (are) the journal entry (or entries) on July 1, 2011? What is the adjusting entry necessary on December 31, 2011, the end of the company's fiscal year?

Reference no: EM131891209

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