On November 1, 2012, 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.
|Section Break||Difficulty: Medium|
|Exercise 8-2 Record notes payable [LO2]||Learning Objective: 08-02 Account for notes payable and interest expense.|