Question 1 options:

On November 1, 2018, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviations year-end is December 31.

Determine the amount of interest expense that should be recorded in a year-end adjusting entry on December 31, 2018.

Determine the amount of interest expense that should be recorded in the journal entry on the due date.