Question

On December 1, 2015, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 10% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.

Required:
1. Record the note payable by Aviation Training.
2. Record the appropriate adjusting entry for the note by Aviation Training on December 31, 2015.
3. Record the payment of the note at maturity.



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  • CreatedJuly 15, 2014
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