Below Are Two Related Transactions for Golden Corporation

question 32

Short Answer

Below are two related transactions for Golden Corporation.The annual accounting period ends December 31.Prepare the journal entry for each of the following transactions.No adjusting entries have been made during the year.
A.October 1, 2011--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, 2012).
B.December 31, 2011--end of the annual accounting period.(If no entry is required, explain why).

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Definitions:

Basement Membrane

A slim, compact extracellular matrix layer that divides epithelial or endothelial cells from the connective tissue beneath, crucial for tissue renewal, filtration, and communication between cells.

Epithelium

Layers of cells covering internal and external surfaces of the body, including skin, glands, and digestive tract linings.

Major Manifestations

Principal signs or symptoms indicating the presence of a disease or condition.

Inflammation

A biological response to harmful stimuli, such as pathogens or damaged cells, characterized by redness, swelling, heat, and pain.