Question: Please show step by step how to solve: The unadjusted trial balance of Dress Right Clothing Corporation reflects a balance in the notes payable account

Please show step by step how to solve:

The unadjusted trial balance of Dress Right Clothing Corporation reflects a balance in the notes payable account of $100,000. The company borrowed this amount on October 1, 2020, evidenced by two notes, each requiring the payment of 10% interest.

The December 31 adjusting entry is:

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