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Homework answers / question archive / On November 1, 2021, Aviation Training Corp
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. Interest is payable at maturity. Aviation's year-end is December 31. 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.) View transaction list Journal entry worksheet Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021
Journal entry worksheet
Journal Entries
| Date | Particular | Debit | Credit |
| November 1, 2021 | Cash | $45,000 | |
| Notes payable | $45,000 | ||
| December 31, 2021 | Interest expenses | $450 | |
| Interest payable | $450 | ||
| ($45,000 * 6% * 2/12) | |||
| February 01, 2022 | Interest expenses ($45,000 * 6% * 1/12) | $225 | |
| Interest payable | $450 | ||
| Notes payable | $45,000 | ||
| Cash | $45,675 |
