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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