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

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On November 1, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest payable at maturity, Aviation's year-end is December 31st. Required: 1. Record the note payable by Aviation Training. 2. Record the appropriate adjustment for the note by Aviation Training on December 31st. 3. Record the payment of the not at maturity

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