Sharp Company Borrowed $500,000 on a 6% One-Year,interest-Bearing Note Dated

question 102

Essay

Sharp Company borrowed $500,000 on a 6% one-year,interest-bearing note dated November 1,2019 with interest payable at maturity.The annual accounting period ends on December 31.Assume that adjusting entries are only made at December 31,the company's fiscal year-end.
Prepare journal entries for each of the following dates:
A.November 1,2019.
B.December 31,2019.
C.October 31,2020.

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Definitions:

Brokered Markets

Marketplaces where buyers and sellers are brought together by third-party brokers to facilitate transactions.

Continuous Auction Markets

Markets where buyers and sellers continuously submit competitive bids and offers, allowing for trades throughout the trading session.

Dealer Markets

Markets where dealers, who act as principals, buy and sell securities for their own accounts, providing liquidity and pricing to the market.

Direct Search Markets

Markets where buyers and sellers seek each other out directly without the intervention of intermediaries or centralized platforms.