EndNote 21

To create a bibliography, set the output style in your EndNote Library to the style you want.
If the style is not showing in the style box, go to the drop down menu and choose "Select another style..."

In your library or group, highlight the references you want for the bibliography or use "Edit" to select all.

Go to References and choose "Copy formatted reference".

Open Word and right click to paste.

You will see your bibliography.

When copied (formatted) to Word, your bibliography will look like this:

Annotated Bibliography

For an easy annotated bibliography, open your EndNote Library or the group you want to work with.

Clear out the information in the notes field. 
You can put the information in an unused field.  Label is the best choice. 
You can cut and paste or use the move fields option. 
To move fields, go to Libraries, then Change/Move/Copy fields. 
Use Move/Copy fields. Select Move field. Then use the drop down menu and chose From: Notes  and To: Label and "replace entire field".

Enter in the Notes field your own comments

You now want to edit your style.
Go to Edit, then Output style
If your style is showing, click on it to edit.
If your style is not showing, use Open Style Manager to select it.

On the left, you will see the parameters for your style.

Go down to Bibliography, then select Layout.

In the bottom pane (End each reference with:), use the "Insert Field" option (upper left of the bottom pane).
Insert End of Paragraph (to create a line space between the reference and the annotations).
Insert a tab (if you wish) so the annotations even up with the bibliography.
Insert Notes (so the information in the notes field will show).
Insert another end of paragraph (to created a line space between annotated references).

Save the edited style. The default is ...Copy,  but you can rename it, say to APAannotated or something with your initials so you recognize it.

Back in your EndNote Library, go to the styles box and select another style.  Select the style you just created and saved.

Your preview will now show the annotations beneath the bibliographic reference.