Question: Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company borrowed $10,000 under a

Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company borrowed $10,000 under a 1-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 on the loan.

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