1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Kinda running back on my payments anyone got spare change -apple pay numbers below god bless you all
Mandarinka [93]
Ummmmmmmmmmmmmmmmmmmmmm
6 0
2 years ago
Read 2 more answers
2. In order to expedite basic performance improvement team functioning, the team should: A. Establish ground rules. B. Perform f
olya-2409 [2.1K]

Answer:

2-  A. Establish ground rules

3-  D. Top management’s requirements.

Explanation:

2- An effective team is a well-integrated team, where the flow of information occurs effectively and where each member feels equally respected and an important part of the team, being able to contribute with ideas and feedback.

Therefore, for there to be cohesion and improvement of the team's performance, it is necessary to establish basic rules, to guide the behavior and actions of members and for there to be equality among all, in order to avoid conflicts and organize work.

3- to guide the process of the performance improvement team, the most important alternative is the requirements of senior management.

It is the managers who will coordinate, monitor and guide the action plans and develop the fundamental requirements for the execution of the business actions that will lead to the fulfillment of the objectives and goals.

8 0
2 years ago
A company manufactures various sized plastic bottles for its medicinal product. The manufacturing cost for small bottles is $67
VLD [36.1K]

Answer:

The company should buy from an outside source rahter than manufacturing because each bottle manufactured costs $5 more.

Explanation:

Differential Analysis

                                                          Make            Buy

Manufacturing Cost per bottle         $ 67

Purchasing Cost per bottle                                  $35

Freight per bottle                                                  $ 5

<u>Fixed Costs                                                            $ 22   </u>

<u>Total                                                   $ 67              $62   </u>

<u />

The company should buy the bottles from the  outside source because the manufacturing costs are higher than the purchasing costs and the fixed costs.

The fixed costs are the irrelevant costs that will continue whether bottles are manufactured or purchased.

6 0
2 years ago
Frank has an auto policy with a coverage limit of $30,000 and a deductible of $1,000. He gets into an accident and the damages t
irakobra [83]

Answer:

$1000

Explanation:

Given the policy coverage = $30000

The amount of deductible = $1000

Total damage of the car when the accident occurred = $6200

Below is the calculation to find the amount that Frank has to pay:

The amount payable by Frank out of pocket = Deductible amount

The amount payable by Frank out of pocket = $1000

4 0
2 years ago
Career cluster help identify the knowledge and skills needed to;
labwork [276]
C. follow a pathway toward a career goal.

Hope that helped :)
6 0
2 years ago
Read 2 more answers
Other questions:
  • 1. Why might social business be especially useful for global companies?2. What were some of the benefits that IBM social tools c
    7·1 answer
  • Marilyn​, a medical ​student, buys two cups of coffee a​ day, which costs her ​$5.00. She decides to buy one more cup each day a
    10·1 answer
  • Scientific and technological advancements in a specific industry as well as in society at large are included in which general en
    8·1 answer
  • Which of the following is true of diversity in the workplace? Multiple Choice Fewer American employees are working as expatriate
    8·1 answer
  • After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a
    11·1 answer
  • At the recent school board​ meeting, five individuals spoke on both the merits and problems with​ full-day kindergarten as compa
    12·1 answer
  • AFW Industries has 214 million shares outstanding and expects earnings at the end of this year of $ 723 million. AFW plans to pa
    7·1 answer
  • Hope is desperate for the new designer purse that she saw while window shopping at her local mall. She knew every girl in school
    15·1 answer
  • During May, Darling Company incurred factory overhead costs as follows: indirect materials, $2,250; indirect labor, $6,370; util
    12·1 answer
  • _______ applications allow you to perform tasks on your computer.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!