Question - On November 1, 2018, Aviation training corp. borrows $60000 cash from community savings and loan. Aviation training signs a three month, 7% note payable. Interest is payable at maturity. Aviation's year-end is December 31.
Record the note payable by aviation training.
Record the appropriate adjustment for the note by aviation training on Dec 31, 2018.
Record the payment of the note of maturity.