Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan Aviation Training signs a three-month, 7% note payable. Interest is

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan Aviation Training signs a three-month, 7% 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 -nces 1 2 3 > Record the Ice of note Whenter debts before credits General Journal Debit Credit Date NOV 01 2021 Jurnal entry worksheet 1 3 3 > Record the adjusting entry for interest. Note: Enter debits before credits. General Journal Debit Date December 31 2021 Credit Record the repayment of the note at maturity. Note: Enter debits before credits General Journal Debit Credit Date February 01 2022 On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31 Required: 1.3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered os 5,000,000).) View transaction list Journal entry worksheet 1 2 3 Record the cance of note Date Ng General Journal Debut Credit 1 3 2 by Record the adjusting entry for interest Note: Enter debits before credits General Journal Date December 31 Debit Credit 2021 Record the repayment of the note at maturity Note: Enter debits belore credits General Journal Debit Credit Date January 31 2022

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

=+what proportion of GMAT scores falls between 450 and 600?

Answered: 1 week ago

Question

4. Are there any disadvantages?

Answered: 1 week ago

Question

3. What are the main benefits of using more information technology?

Answered: 1 week ago

Question

start to review and develop your employability skills

Answered: 1 week ago