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Maje the adjusting journal entry necessary at the end if the period in the following situation:...

Maje the adjusting journal entry necessary at the end if the period in the following situation: On August 1, the conpany borrowed $10,000 under a one-year loan agreement. The annual interest rate is 12%. As of the end of the year , no entry has yet been made to record the accrued interest in the loan.
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