Below Are Two Related Transactions for Golden Corporation

question 82

Essay

Below are two related transactions for Golden Corporation.The annual accounting period ends December 31.The books are adjusted only at year-end.
A.October 1,2019: Golden Corporation borrowed $100,000 and signed a note providing for 8% interest.The principal and interest are due in one year on September 30,2020.
B.December 31,2019: End of the annual accounting period.
Prepare the required journal entry at October 31 and December 31,2019 for each of the above items.

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Definitions:

Right

Right refers to the direction or side opposite of left, often associated with correctness, proper orientation, or a direction in geography or body parts.

Positive Feedback

A mechanism in which an initial change is amplified by its outcomes, often leading to an enhanced response in a system.

Healthy Individuals

Persons who are in a state of physical, mental, and social well-being, not merely the absence of disease or infirmity.

Positive Feedback

A process where a change in a variable triggers mechanisms that amplify that change.