Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $58,000 cash from Community Savings and Loan. Aviation Training signs a

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $58,000 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.) View transaction list Journal entry worksheet 2 3 Record the issuance of note. Note: Enter debits before credits. General Journal Debit Credit Date November 01, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the repayment of the note at maturity. Note: Enter debits before credits. General Journal Debit Credit Date February 01, 2022 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting And Finance For Lawyers In A Nutshell

Authors: Charles Meyer

7th Edition

1647083001, 9781647083007

More Books

Students also viewed these Accounting questions

Question

Discuss global cultural differences in GLOBE dimensions.

Answered: 1 week ago

Question

LO1 Discuss the objectives of human resource management.

Answered: 1 week ago