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What the adjusting entry required by Roy on December

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Reference no: EM132976927

Question - On August 1st, Roy, Inc. entered into a 12%, 8-month, $50,000 loan from the Bank of America. The interest and principal of the loan are due on March 31st of the following year. Roy makes annual adjustments. What the adjusting entry required by Roy on December 31st of the current year?

Reference no: EM132976927

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