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Hello, please help with completing/correcting this question, thank you in advance! On November 1, 2021, Aviation Training Corp. borrows $51.000 cash from Community Savings and
Hello, please help with completing/correcting this question, thank you in advance!
On November 1, 2021, Aviation Training Corp. borrows $51.000 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.) Debit Credit View transaction list View Journal entry worksheet No Date General Journal November 01, Cash 2021 Notes Payable 1 51,000 $1,000 2 December 31 2021 510 Interest Expense Interest Payable 510 GJ February 01, 2022 Interest Expense 255 Interest Payable Notes Payable 765 51,000 Step by Step Solution
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