Sharp Company borrowed $500,000 on a 6% one-year,interest bearing note dated November 1,2010 with interest payable at maturity.The annual accounting period ends on December 31.Assuming 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, 2010.
B.December 31, 2010.
C.October 31, 2011.

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The Answer of Sharp Company borrowed $500,000 on a 6% one-year,interest bearing note dated November 1,2010 with interest payable at maturity.The annual accounting period ends on December 31.Assuming 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, 2010.
B.December 31, 2010.
C.October 31, 2011.

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