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Assuming adjustments are only made at year-end what is the

Question - On September 1, Kennedy Company loaned $138,000, at 13% annual 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 31, the calendar year-end?

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Accounting Basics: Assuming adjustments are only made at year-end what is the

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