Seved Aerospace Engineering borrows $20.3 million cash on November 1, 2024, Aerospace Engineering signs a six-month, 7% promissory note to First National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: 1. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Aerospace Engineering and (b) First National Bank. 3. Prepare the journal entries on April 30, 2025, to record payment of (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet Record the issuance of the note to Aerospace Engineering. Note: Enter debits before credits M S 63 MacBook Pro Search or type URL $5 54 E R 66 47 .00 8 9 T Y U D F G H C > r B N 0 K M Aerospace Engineering borrows $20.1 million cash on November 1, 2024. Aerospace Engineering signs a six-month, 7% promissory note to First National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: 1. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Aerospace Engineering and (b) First National Bank. 3. Prepare the journal entries on April 30, 2025, to record payment of (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry on December 31, 2024, for (a) Aerospace Engineering and (b) First National Bank. (Do not round intermediate calculations, If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet < 1 2 Record the adjusting entry for interest for Aerospace Engineering. Note: Enter debits before credits. 93 W S E $ 64 D MacBook Pro Search or type URL 95 66 47 R T Y 8 .00 F G H 9 61 r O O K C V B N M Aerospace Engineering borrows $20.1 million cash on November 1, 2024. Aerospace Engineering signs a six-month, 7% promissory note to First National Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: 1. Prepare the journal entries on November 1, 2024, to record (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Aerospace Engineering and (b) First National Bank. 3. Prepare the journal entries on April 30, 2025, to record payment of (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entries on April 30, 2025, to record payment of (a) the notes payable for Aerospace Engineering and (b) the notes receivable for First National Bank. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.) View transaction list Journal entry worksheet < 1 2 Record the repayment of the note at maturity for Aerospace Engineering. Prev 2 of 4 Next > Show less A