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:

Affiliation

A psychological need to feel a sense of involvement and "belonging" within a social group; it's the driving force behind our desire to build friendships, join groups, and identify with others.

Instinct

A natural, usually unchangeable behavior observed in animals as a reaction to specific triggers.

Spiders

Arachnids characterized by eight legs, a chelicerae with fangs that inject venom, and the ability to spin webs.

Intrinsic Motive

A form of motivation driven by internal rewards, such as personal satisfaction, curiosity, or enjoyment, rather than external factors.