Exercise 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.1 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 8-3 (Algo) Record notes payable (LO8-2)
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.1 million cash to expand operations. The loan
is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is
payable at maturity. Trico's year-end is December 31.
Required:
1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a
particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not
millions (i.e. 5.5 million should be entered as 5,500,000).)
Transcribed Image Text:Exercise 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.1 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000).)
<
2
3
Record the adjusting entry for interest.
Note: Enter debits before credits.
Record entry
Date
December 31, 2024 Interest Expense
Interest Payable
General Journal
Clear entry
Debit
Credit
View general journal
Transcribed Image Text:< 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Record entry Date December 31, 2024 Interest Expense Interest Payable General Journal Clear entry Debit Credit View general journal
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