Problem
On November 1, 2021, Aviation Training Corp. borrows $50,000 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. Required: 1.-3. 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.)
a) Record the issuance of note.
b) Record the adjusting entry for interest.
c) Record the repayment of the note at maturity.