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

question 5

Essay

Sharp Company borrowed $500,000 on a 6% one-year,interest bearing note dated November 1,2010 with interest payable at maturity.The annual accounting period ends on December 31.Assuming 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, 2010.
B.December 31, 2010.
C.October 31, 2011.

---

Definitions:

Sensory Input

The information that the brain receives from the senses, such as sight, sound, smell, touch, and taste.

Encoding

The initial process of transforming sensory information into a form that can be stored and recalled in memory.

Retrieval

Retrieval is the process of accessing and bringing into consciousness information stored in memory.

Stored

Refers to retaining information or materials in a particular place or medium for future use or retrieval.