On November 1, 2018, Aviation Training Corp borrows $45,000 cash from Community

Question

On November 1, 2018, Aviation Training Corp borrows $45,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable Interest s payable at maturity Aviation's year. end is December 31 Required: 1., 2.&3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the issuance of note. Note: Enter debits before oredits Date November 01, 2018 View general journal Clear entry Record entry

Explanation / Answer

1-Nov Cash 45000       Notes payable 45000 31-Dec Interest expense 450 =45000*6%/12*2       Interest payable 450 1-Feb Interest expense 225 =45000*6%/12*1 Interest payable 450 Notes payable 45000        Cash 45675

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