On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training

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On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.

Required:

1. Record the note payable by Aviation Training.

2. Record the appropriate adjustment for the note by Aviation Training on December 31, 2021.

3. Record the payment of the note at maturity.

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Financial Accounting

ISBN: 978-1259914898

5th edition

Authors: David Spiceland, Wayne M. Thomas, Don Herrmann

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Question Posted: May 15, 2020 10:38 AM

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On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training

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Financial Accounting

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