On 1 July 2021, The Company borrowed $84,000 by signing a 2-year note payable at 8% annual interest rate. The entire note, plus 2 years’ accrued interest, is due on 30 June 2023. Prepare the necessary adjusting journal entries on 31 December 2021 to bring the financial records of Relax Spa Company up-to-date. Use the account titles given in the Trial Balance or create new accounts where appropriate. Show your workings. Explanations are NOT required. If no adjusting entries are required, state “No entry” and name the accounting principle applied.

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