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Aerospace engineering borrows, 20.5 million cash on November 1, 2020 for aerospace engineering signs a six month 9% promissory note to first national bank under

Aerospace engineering borrows, 20.5 million cash on November 1, 2020 for aerospace engineering signs a six month 9% promissory note to first national bank under prearranged short term line of credit interest on the note is payable at maturity. Each firm has a December 31 year end. Prepare the journal entries on November 1, 2024 to record the notes payable for aerospace engineering and the notes receivable for first national bank record the adjusting entry on December 31, 2024 for aerospace engineering and first national bank prepare the journal entries on April 30, 2025 to record payment of the notes payable for aerospace engineering in the notes receivable for first national bank

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