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Ivahew [28]
2 years ago
6

On November 1, 2021, Aviation Training Corp. borrows $46,000 cash from Community Savings and Loan. Aviation Training signs a thr

ee-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.
Required: 1., 2. & 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal Entry Worksheet
Record the issuance of note.
Record the adjustment for interest.
Record the repayment of the note at maturity

Date General Journal Debit Credit
Business
1 answer:
emmainna [20.7K]2 years ago
4 0

Answer:

<u>Record the issuance of note. </u>

November 1, 2021

Dr.   Cash                   46000

Cr.   Note Payable     46000

<u>Record the adjustment for interest.</u>

December 31, 2021

Dr.   Interest Expense    460

Cr.   Interest Payable     460

(46000*6%)*3/12 = 460

<u>Record the repayment of the note at maturity</u>

Dr.   Note Payable     46000

Dr.   Interest Payable     460

Dr.   Interest Expense    230

Cr.   Cash                    46,690

(46000*6%)*1/12 = 230

Explanation:

* At the year end the interest expense is accrued and recorded as interest payable.

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1 year ago
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3 years ago
"You have been hired as a consultant by a new company to develop a strategic prospecting strategy. The company brews and bottles
11Alexandr11 [23.1K]

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Explanation:

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The managers in Julio's company sponsor monthly brainstorming sessions and reward employees with gift cards and recognition when
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Answer:

Learning.

Explanation:

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Hence, Julio's company is an example of a learning organization.

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3 0
3 years ago
Over a 17-year period an investment of $1,475 in common stocks returned an average of 10% in nominal terms and 3% in real terms.
Roman55 [17]

Answer:

The nominal value at the end of 17 years =  $7,455.34

The real value at the end of 17 years =  $2,437.95

Explanation:

Value at the end of 17 years = present value x (1+ interest rate)^t

The nominal value at the end of 17 years = $1,475 x (1.1)^17 = $7,455.34

The real value at the end of 17 years = $1,475 x (1.03)^17 = $2,437.95

7 0
2 years ago
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