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On November 1, 2021, Aviation Training Corp. borrows $57,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest
On November 1, 2021, Aviation Training Corp. borrows $57,000 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 < 1 2 3 Record the issuance of note. Note: Enter debits before credits. Date November 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet 1 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit 7 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the repayment of the note at maturity. Note: Enter debits before credits. Date February 01, 2022 General Journal Debit Credit Record entry Clear entry View general journal
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