On November 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 adjustment 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: 85% (7 reviews)
1 November 1 2015 Debit Credit Cash 60000 Notes Payable 60000 Issuance of ...View the full answer
Answered By
Sidharth Jain
My name is Sidharth. I completed engineering from National Institute of Technology Durgapur which is one of the top college in India. I am currently working as an Maths Faculty in one of the biggest IITJEE institute in India. Due to my passion in teaching and Maths, I came to this field. I've been teaching for almost 3 years.
Apart from it I also worked as an Expert Answerer on Chegg.com. I have many clients from USA to whom I teach online and help them in their assignments. I worked on many online classes on mymathlab and webassign. I guarantee for grade 'A'.
4.90+
3+ 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
-
5.Use the figure to answer the following questions g. Which segment is on the line n h. Name the intersection of the plane P and the line m B m C
-
Read the article The world's least unsustainable airline': Air New Zealand's climate dilemma, which appeared in Stuff website on 6 April 2019, Evaluate Air New Zealands sustainability report in...
-
1. "The Capital Asset Pricing Model (CAPM) is a flawless theoretical model that is capable of explaining the relationship between systematic risk and expected return for assets." Discuss the above...
-
The post-closing trial balances of two proprietorships on January 1, 2010, are presented below. Patrick and Samuelson decide to form a partnership, Pasa Company, with the following agreed upon...
-
Consider the data given in Table 10-7 (on the textbook's Web site) relating to stock prices and GDP for the period 1980-2006. a. Estimate the OLS regression Yt = B1 + B2Xt + ut b. Find out if there...
-
6. Two voltage measurements made across the same resistance are V1 = 25 V and V2 = 100 V. Calculate the power gain in decibels of the second reading over the first reading.
-
A national study found that college students with jobs worked an average of 22 hours per week. The standard deviation is 9 hours. A college student with a job is selected at random. Find the...
-
Secondary data have been called the first line of attack for business researchers. Discuss this description.
-
RITY (Percent of terrorists caught) The blue curve on the following graph shows the tradeoff between security and tourism; that is, combinations of security and tourism above the blue curve are not...
-
1. If Bozena participates and the 401(k) earns 10 percent annually, how much will she have accumulated in 45 years (to age 67) even if her salary does not change? 2. If she does not participate and...
-
Match (by letter) the correct reporting method for each of the items listed below. Reporting Method _______________________________________________________ C= Current liability L= Long-term liability...
-
On August 1, 2015, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit...
-
What is the reward-to-volatility ratio of the best feasible CAL? A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and...
-
Discuss the implications of the unique characteristics of services for the marketing activities of services enterprises.
-
Outline the benefits and challenges associated with using influencer marketing. Highlight some of the main social media influencers relevant to your market, age group and interests. Assess the extent...
-
Explain the challenge that high unemployment and high inflation poses for Venezuelas monetary authorities. To work Problems 28 to 30, use the information that Venezuelas economy is expected to...
-
The Commonwealth of Virginia required all applicants for state troopers to be between 21 and 29 years of age, at least 5 feet, 9 inches tall, and at least 156 pounds. The height and weight...
-
Riggins contacted the Hartford Insurance Company and asked for an all-risk policy for his truck. An underwriter for Hartford agreed to the policy and issued a binder on March 28. On April 2, before...
-
A battery is made by connecting strips of lead and palladium and dipping each metal into a solution of its ions (Pb 2+ and Pd 2+ , respectively). Over time, the mass of the lead strip decreases and...
-
Avatar Financials, Inc., located on Madison Avenue, New York City, is a company that provides financial advice to individuals and small- to mid-sized businesses. Its primary operations are in wealth...
-
Compute the channel slope between sections 1 and 6 and for each of the five reaches of the given data in Table 4. 19. Compute the average of the computed slopes for the five reaches and compare it to...
-
Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing. What would you tell them?...
-
Presented below are three economic events. On a sheet of paper, list the letters (a), (b), and (c) With columns for assets, liabilities, and stockholders equity. In each column, indicate whether the...
-
Presented below are three economic events. On a sheet of paper, list the letters (a), (b), and (c) With columns for assets, liabilities, and stockholders equity. In each column, indicate whether the...
-
What are the challenges and strategies for implementing TPM in highly regulated industries, such as pharmaceuticals or aerospace? How can TPM contribute to compliance and quality assurance in these...
-
In multi-site manufacturing operations, what role does TPM play in standardizing maintenance practices and ensuring consistency across different plants or facilities? Discuss the challenges and...
-
Identify and evaluate the components of a comprehensive total rewards and motivation system? Illustrate with specific examples.
Study smarter with the SolutionInn App