Question - On November 1, 2018, Aviation Training Corp. borrows $52,000 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.
1. Determine the amount of interest expense that should be recorded in a year-end adjusting entry on December 31, 2018.
2. Determine the amount of interest expense that should be recorded in the journal entry on the due date.
Please explain the steps thanks.