On November 1, 2018, Aviation Training Corp. borrows $46,000 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: Record the necessary entries in the Journal Entry. i. Record the issuance of note. ii. Record the adjustment for interest. iii. Record the repayment of the note at maturity.

Answer and Explanation:

The journal entries are shown below:

1.  Cash $46,000

              To Note payable $46,000

(Being the issuance of the note is recorded)

2.  Interest expense ($46,000 × 6% × 2 months ÷ 12 months) $460

            To interest payable $460

(Being the interest expense is recorded)

3. Note payable $46,000

   Interest payable $460

   Interest expense ($46,000 × 6% × 1 months ÷ 12 months ) $230

              To cash $46,690

(Being the repayment of the note is recorded)

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