Sharp Company borrowed $500,000 on a 6% one-year,interest-bearing note dated November 1,2019 with interest payable at maturity.The annual accounting period ends on December 31.Assume that adjusting entries are only made at December 31,the company's fiscal year-end.
Prepare journal entries for each of the following dates:
A.November 1,2019.
B.December 31,2019.
C.October 31,2020.

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The Answer of Sharp Company borrowed $500,000 on a 6% one-year,interest-bearing note dated November 1,2019 with interest payable at maturity.The annual accounting period ends on December 31.Assume that adjusting entries are only made at December 31,the company's fiscal year-end.
Prepare journal entries for each of the following dates:
A.November 1,2019.
B.December 31,2019.
C.October 31,2020.

Sharp Company Borrowed $500,000 on a 6% One-Year,interest-Bearing Note Dated