On November 1, 2021, Aviation Training Corp. borrows $41,000 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. 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.) 1. Record the issuance of note. 2. Record the adjusting entry for interest. 3. Record the repayment of the note at maturity.

Q: On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Whispering Winds Corp. had the following transactions involving notes payable. July 1, 2022 Borrows…

A: S No Account tittles and Explanation Amount Amount 01-Jul-19 cash  $       55,000        8%…

Q: Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15,…

A: Face value of note = $5,350 Interest Rate = 13% Period (May 15, 2019 to December 31, 2019) = 7.5…

Q: Larkspur, Inc. had the following transactions involving notes payable. July 1, 2022 Borrows $54,000…

A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…

Q: On Septèmber 1, 2021, Trinoma Entertainment borrowed P24,000,000 cash to fund à new Fun Park. The…

A: Journal entry shows the recording of transactions during an accounting year and every transaction…

Q: Sunland Company had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Note payable is a kind of loan which is repaid after certain period of time with specific rate of…

Q: On July 1, 2021, a company loans one of its employees $23,000 and accepts a ten-month, 8% note…

A: Revenue is the amount that a company earns from normal activities conducted by the business for…

Q: Waleed Company had the following transactions involving notes payable.   Aug. 1, 2020 Borrows…

A: Journal Entries along with the calculation if shown below:

Q: On December 12, 2021, Pace Electronics received $36,800 from a customer toward a cash sale of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare…

A: Solution:- Given, Windsor, Inc. borrows $67,200 from Wildhorse Co.  Signing a 4%, one-year note…

Q: Sheffield Corp. had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Note payable is a written promissory note, under which the borrower promises to pay the lender a sum…

Q: On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company…

A: Notes are considered as a liability for the company and notes that have a maturity of less than one…

Q: . Prepare the journal entries of Clear Glass to record the preceding information, the related…

A: Discounting the note implies, the realization of a note amount for a discount before the due date of…

Q: On November 16, 2019, Clear Glass Company borrowed $20,000 from First American Bank by issuing a…

A: The calculation as,

Q: Seaport Corp. had the following transactions during 2024: February 1 Borrowed $20,000 from a bank…

A: Journal entries are the daily transactions recorded in the books of accounts whereas the adjusting…

Q: On January 1, 2018, a business borrowed $15,000 on a five-year, 6% note payable. At December 31,…

A: On December 31, 2018, entry will be passed for booking of interest accrued for the year 2018.…

Q: Skysong, Inc. had the following transactions involving notes payable. July 1, 2022   Borrows…

A: Interest accrued on Dec. 31, 2022 = (52500*8%*6/12)+(63000*6%*2/12) = $2100 + 630  = $2730

Q: On July 1, 2021, a company loans one of its employees $27,000 and accepts a eight-month, 8% note…

A:

Q: XYZ Company lent $9,000 at 10% interest on December 1, 2019. The amount plus all interests accrued…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.0 million cash…

A: Notes payable is known as a negotiable instrument signed by the promisor who agreed to pay a certain…

Q: On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 million cash…

A: Introduction: Promissory Note- A promissory note is a  legal & financial tool that contains a…

Q: chapter 8

A: Required journal entry on March 31, 2021:

Q: On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $21 million cash…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: 1. Chapter-9 Homework Question. Help

A: Required journal entry for the issuance of note payable:

Q: Prepare journal entries to record the following transactions which are independent of each other. 1.…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the…

A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of…

Q: On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4%…

A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

Q: On July 1, 2020 Walker Inc. signed a $600,000, 15 month, 10% note payable. At due date, the…

A: This is based on bill of exchange, in the given case since note is payable in 15 months and the same…

Q: C.S. Vaughn Company had the following transactions involving notes payable. July 1, 2020   Borrows…

A: Journal entry is the process of documenting commercial transactions for the first time in the books…

Q: On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan.…

A: Journal entry: It is prepared to record the financial and non-financial transaction of the…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash…

A: Promissory Note:   A promissory note is a legal and financial tool that contains a written promise…

Q: Travis County Bank agrees to lend Brickyard Corporation $200,000 on January 1. Brickyard signs a…

A: Supporting calculation:

Q: . Midwest Enterprises made the following entry on December 31, 2020. Interest Expense    10,000…

A: Entry would be recorded by Anaheim National bank.

Q: OJO Company obtained a loan from a Rural Bank for P420,000 on November 16, 2020. On the same date,…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company…

A: Note payable: It implies to the short term debt or obligations owed by the business from its…

Q: LARA Company secured a bank loan of $ 90,000, on 1/4/2020. In return, it signed a 10 month, 6%, note…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.

Q: On December 1, 2019, Jim’s Java Joint borrowed $46,000 from its bank in order to expand its…

A: Notes payable: Notes Payable is a written promise to pay a certain amount on a future date, with…

Q: Maxx Company borrowed P10,000 from the bank signing a 9%, 3-month note on September 1. Principal and…

A: Adjusting entries are also known as closing entries because these are prepared at the time of…

Q: On September 15, 2018, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an…

A: Note Receivable is the amount receivable on account of note received from customer.

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On November 1, 2021, Aviation Training Corp. borrows $54,000 cash from Community Savings and Loan.…

A: Interest accrued on december 31= Face value of note x rate of interest x no. of months / 12 = $54000…

Q: On January 1, 2019, Brooks, Inc. borrows $90,000 from a bank and signs a 5% installment note…

A: Interest accrued on 12/31 = Amount borrowed x rate of interest x year = $90,000 x 5% x 1 years =…

Q: On January 1, 2018, a business borrowed $18,000 on a five-year, 5% note payable. At December 31,…

A:

Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which…

A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x…

Q: adjusting entry for interest.

A: Interest on note payable = Amount of note payable * Rate of interest * Number of months elapsed/12…

Q: On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash…

A: Journal entry is the primary step to record the transaction in the books of account. In the given…

Q: You have the following transaction during the year of 2020 as related to Steve company: 1. On the 1"…

A: 1. Maturity Date of First Note: When maturity period is given in month then Maturity date is same as…

Q: During 2021, Wildhorse Co. borrowed cash from Sandhill Co. by issuing notes payable as follows: 1.…

A: Maintenance of books of account is very important for a business organisation. This process is known…