On December 1, 2015, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training
Question:
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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
1 December 1 2015 Debit Credit Cash 60000 Notes Payable 60000 Issuance of ...View the full answer
Answered By
Krishnavendra Y
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagiarism), well-researched and critically analyzed papers.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Question Posted:
Students also viewed these Accounting questions
-
Erna Corp. has 8 million shares of common stock outstanding. The current share price is $73, and the book value per share is $7. Erna Corp. also has two bond issues outstanding. The first bond issue...
-
On December 1, 2015, Green Co committed to a plan to dispose of its Smart business components assets The disposal meets the requirements to be classified as discontinued operations On that date Green...
-
On November 1, 2015, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviations...
-
If the resultant force acting on the hook is F R = {? 200i + 800j + 150k} lb, determine the magnitude and coordinate direction angles of F. 30 F= 600 ib
-
Table 9-9 (on the textbook's Web site) gives data on 81 cars regarding MPG (average miles per gallon), HP (engine horsepower), VOL (cubic feet of cab space), SP (top speed, miles per hour), and WT...
-
Is the dependency exemption required for the household and dependent care credit?
-
For each of the following situations, calculate the \(t\)-statistic \((t)\) : a. \(\mathrm{X}^{-}=12.00 ; \mu=10 ; s \mathrm{X}^{-}=2.00\) b. \(X^{-}=6.00 ; \mu=9 ; s X^{-}=1.50\) c. \(X^{-}=4.25 ;...
-
Mattel is a U.S.-based company whose sales are roughly two-thirds in dollars (Asia and the Americas) and one-third in euros (Europe). In September Mattel delivers a large shipment of toys (primarily...
-
Assume the perpetual inventory system is used. Required: Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. Determine the cost...
-
Monthly sales are independent normal random variables with mean 100 and standard deviation 5. a. Find the probability that exactly of the next months have sales greater than 100. b. Find the...
-
Selected financial data regarding current assets and current liabilities for Queens Line, a competitor in the cruise line industry, is provided: ($ in millions) Current assets: Cash and cash...
-
On September 1, 2015, Trico Technologies, an aeronautic electronics company, borrows $10 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit...
-
Your stereo is in a dead spot caused by direct reception from an FM radio station at 89.5 MHz interfering with the signal reflecting off a wall behind you. How much farther from the wall should you...
-
Eve Co purchases a machine that had a list price of $10,000 on January 1, 2020 The machine has no estimated residual value and a 2 years estimated useful life. The Company is using the...
-
On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has...
-
a. The company has one truck that it purchased at the start of this year. The truck cost $75,000, had an estimated useful life of five years and is expected to have zero value at the end of the five...
-
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2011, Dew reported income of $250,000 and paid dividends of $80,000. There is no...
-
What is the primary accounting difference between accounting for when the subsidiary is dissolved and when the subsidiary retains its incorporation?
-
Which metal cation is the best oxidizing agent? a. Pb+ b. Cr+ c. Fe+ d. Sn+
-
Aztec Furnishings makes hand-crafted furniture for sale in its retail stores. The furniture maker has recently installed a new assembly process, including a new sander and polisher. With this new...
-
The ordinates of the 6-hour unit hydrograph of a catchment are given in Table 3. 40. Calculate the ordinate of the DRH due to a rainfall excess of 2. 5 cm occurring in 6 hours. TABLE 3.40 Unit...
-
Towne Architects incorporated as licensed architects on April 1, 2012. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested...
-
This is the trial balance of Mimosa Company on September 30. The October transactions were as follows.Oct. 5 Received $1,300 in cash from customers for accounts receivable due.10 Billed customers for...
-
This trial balance of Michels Co. does not balance. Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:1....
-
Using the data above, fill out the missing information below: The average of the variable score is 45 The average of the variable submission is 1.2 The sample variance of the submission is 1.7 . The...
-
Financial information is presented here for two companies. (a) Fill in the missing amounts. Sales revenue Sales returns and allowances (a) Crane Company Bramble Company $94,000 (d) $ 5,400 87,000...
-
Hartford Research issues bonds dated January 1 that pay interest semiannually on June 30 and December 31. The bonds have a $40,000 par value and an annual contract rate of 10%, and they mature in 10...
Study smarter with the SolutionInn App