Problemon july 1 2011 janes craft shop lent 10000 to one of, Ask an Expert

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On July 1, 2011, Jane's Craft Shop lent $10,000 to one of its customers and received a one-year note with 10% interest rate. What is (are) the journal entry (or entries) on July 1, 2011? What is the adjusting entry necessary on December 31, 2011, the end of the company's fiscal year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92719556

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