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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