On November 1, 2021, Aviation Training Corp. borrows $43,000 cash from Community Savings and Loan. Aviation...
On November 1, 2021, Aviation Training Corp. borrows $43,000 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.)
Journal entry worksheet
- Record the issuance of note.
Note: Enter debits before credits.
|
Homework Answers
| Debit | Credit | |||
| November 01, 2021 | Cash | 43000 | ||
| Notes payable | 43000 | |||
| December 31, 2021 | Interest expense | 430 | =43000*6%*2/12 | |
| Interest payable | 430 | |||
| January 31, 2022 | Interest expense | 215 | =43000*6%*1/12 | |
| Interest payable | 430 | |||
| Notes payable | 43000 | |||
| Cash | 43645 |
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