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, 2016: 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, 2017.
B.December 31, 2016: End of the annual accounting period.Required:
Prepare the required journal entry at October 31 and December 31, 2016 for each of the above items.
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