Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a
Exercise 8-2A Record notes payable (LO8-2) 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.) X Answer is complete but not entirely correct. General Journal Credit No 1 Date November 01, 202 Cash Notes Payable Debit 52,000 52,000 2 520 December 31, 202 Interest Expense Interest Payable 520 3 February 01, 2022 Notes Payable Interest Expense Interest Payable 52,000 780 x 520 Cash 53,300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started