On November 1, 2021, Aviation Training Corp. borrows $51,000 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. Record the necessary entries .
2. Record the issuance of note. Record the adjustment for interest.
3. Record the repayment of the note at maturity.

1. November 01,2021

Dr Cash51000

Cr Notes Payable 51000

2. December 31,2021

Dr Interest expense510

Cr Interest Payable 510

3. February 01,2022

Dr Interest expense510

Dr Interest Payable255

Dr Notes Payable51000

Cr Cash 51,765

Explanation:

Preparation of to record the necessary entries

1. November 01,2021

Dr Cash51000

Cr Notes Payable 51000

(Being to Record the issuance of note)

2. December 31,2021

Dr Interest expense510

(51,000*6%*2/12)

Cr Interest Payable 510

(Being to record the adjustment for interest)

3. February 01,2022

Dr Interest expense510

Dr Interest Payable255

(51,000*6%*1/12)

Dr Notes Payable51000

Cr Cash 51,765

(510+255+51000)

(Being to Record the repayment of the note at maturity)

they work in some type of way

answer; (c) communism and socialism;