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OpenStudy (anonymous):
Cloud Company Inc. manufactures and sells high quality interior and exterior sun blinds and curtains. The following is Cloud Company’s unadjusted trial balance at June 30, 2012. Cloud Company borrowed $250,000 at a 12 percent annual interest rate on March 1, 2012. The loan requires the company to pay the interest quarterly until the note is repaid in three years. Cloud Company has recognized and paid quarterly interest on May 31 what is the adjusting entry for this post?
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