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On November 1, 2024, Rocketship Training Corporation borrows $58,000 cash from Community Savings and Loan Rocketship Training signs a three-month, 6% note payable. Interest is payable at matutity, Rocketship's year-end is December 31. Required: 1. to 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.) Journal entry worksheet1 2 3 Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit November 01, 2024 Journal entry worksheet < 1 3 > ch Record the adjusting entry for interest. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2024 Journal entry worksheet < 1 2 31 > Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2025

Answer :

The maturity date of a debt security is the date and time by which interest and principal must be repaid in full. A bill of exchange or promissory note is a written promise to pay a specified amount at a future date.

A bill payable is considered a written promise to repay a loan and usually contains the specific terms of the contract such as B. Amounts to be repaid, each due date, the interest rate included in the contract, and the amount of interest required to be repaid.

When you repay a loan record the bill of exchange as a debit journal when you credit the cash account. This is recorded as a liability on the balance sheet. However, even after payment, the interest rate must be determined and the amount posted to the interest expense and interest expense accounts.

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