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On November 1, 2021, Aviation Training Corp, borrows $40,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable Interest is
On November 1, 2021, Aviation Training Corp, borrows $40,000 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.) Answer is complete but not entirely correct. Na General Journal Credit 1 Date November 01, 202 Cash Notes Payable Debit 60,000 3 00 60,000 3 2 December 31, 202 Interest Expense Interest Payable 700 700 3 February 01, 2022 Interest Expense Interest Payable Notes Payable Cash OOOO 350 $ 700 60,000 $ 61.050
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