On November 1,2012,Dual Systems Borrows $200,000 to Expand Operations

question 119

Essay

On November 1,2012,Dual Systems borrows $200,000 to expand operations.Dual Systems signs a six-month,9% promissory note.Interest is payable at maturity.Dual System's year-end is December 31.
1.Record the issuance of the note by Dual Systems.
2.Record the appropriate adjusting entry for the note by Dual Systems on December 31,2012.
3.Record the payment of the note by Dual Systems at maturity on April 30,2013.

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Definitions:

Biological Developments

Changes and growth in biological systems, often referring to the physical and physiological maturation of living organisms.

Semenarche

The first ejaculation. Ejaculation often occurs spontaneously during sleep, in which case it is called a nocturnal emission.

Homo Sapiens

The scientific term for modern humans, characterized by bipedalism and a large brain capacity compared to other primates.

Evolutionary Theories

Theories that explain human behavior in terms of how it contributes to the survival of the species and that look at how our evolutionary past influences individual development.