On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note on nov 01. Record the adjusting entry for interest on dec 31. Record the repayment of the note at maturity on feb 01. All of these in a journal entry worksheet.
On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note on nov 01. Record the adjusting entry for interest on dec 31. Record the repayment of the note at maturity on feb 01. All of these in a journal entry worksheet.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 14EA: Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1,...
Related questions
Question
S4.
![On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training
signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31. Required: 1.-3.
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note on nov 01.
Record the adjusting entry for interest on dec 31. Record the repayment of the note at maturity on feb 01. All of these in a
journal entry worksheet.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d0e6bf9-348c-40ab-ae4c-488cbc0bf710%2F677d1771-b51c-484c-939b-3585da40b4e5%2F0098ace_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training
signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31. Required: 1.-3.
Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first account field.) Record the issuance of note on nov 01.
Record the adjusting entry for interest on dec 31. Record the repayment of the note at maturity on feb 01. All of these in a
journal entry worksheet.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![PAYROLL ACCT., 2019 ED.(LL)-TEXT](https://www.bartleby.com/isbn_cover_images/9781337619783/9781337619783_smallCoverImage.gif)
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![PAYROLL ACCT., 2019 ED.(LL)-TEXT](https://www.bartleby.com/isbn_cover_images/9781337619783/9781337619783_smallCoverImage.gif)