Question: A8 Saved A-8 1 Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $54,000 cash from Community Savings and Loan.

Saved A-8 1 Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $54,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity. Aviation's year-end is December 31. 1.28 points Required: 1-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) eBook View transaction list View journal entry worksheet Hint Credit Debit General Journal Date No 54,000 November 01, 2021 Cash 1 Print 54,000 Notes Payable December 31, 2021 Interest Expense References

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $58,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (L08-2) On November 1, 2021, Aviation Training Corp. borrows $42.000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $48,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (L08-2) On November 1, 2021, Aviation Training Corp. borrows $50,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable...

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $47,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021, Aviation Training Corp. borrows $56,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (LOS-2) On November 1, 2021, Aviation Training Corp. borrows $45,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable....

Exercise 8-2A Record notes payable (L08-2) On November 1, 2021. Aviation Training Corp, borrows $59,000 cash from Community Savings and Loan Aviation Training signs a three month, 6% note payable...

Exercise 8-2A Record notes payable (LO8-2) On November 1, 2021. Aviation Training Corp. borrows $42,000 cash from Community Savings and Loan Aviation Training signs a three-month, 6% note payable...

Two liquids A and B form an ideal solution at temperature T. When the total vapour pressure above the solution is 400 torr, the mole fraction of A in the vapour phase is 0.40 and in the liquid phase...

An electrical component has a time-to-failure (or lifetime) distribution that is exponential with parameter λ, so the mean lifetime is μ = 1/λ. Suppose that a sample of n of these...

2 A bank makes a 3 0 year Fully Amortizing FRM for $ 1 , 0 0 0 , 0 0 0 at an annual interest rate of 4 . 1 3 % compounded monthly, with monthly payments. Suppose inflation is 2 % per year, compounded...

8:37 * N. 80% i ... OBJECTIVES: Create relationships Create a Pivot Table from Related Tables Create a PivotChart Modify the PivotChart The major section in this chapter :ontinuation is: Data...

2. Consider a nation in which the volume of goods and services is growing by 5 percent per year. What is the likely impact of this high rate of growth on the power and influence of its government...

2. True or False. The term economic investment includes purchasing stocks, bonds, and real estate. LO26.3

4. If an economy has fully flexible prices and demand unexpectedly increases, you would expect that the economys real GDP would tend to: LO26.4 a. Increase. b. Decrease. c. Remain the same.