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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 in millions (i.e. 5 should be entered as 5,000,000).) View transaction list

On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 in millions (i.e. 5 should be entered as 5,000,000).) View transaction list

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 Record the acceptance of note. Note: Enter debits before credits. Date August 01, 2021 Record entry 3 1 Journal entry worksheet 2 Date December 31, 2021 Record entry General Journal Record the adjusting for interest. Clear entry Note: Enter debits before credits. 3 Date January 31, 2022 Record entry Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Record the receipt of cash at maturity. General Journal Clear entry Debit Clear entry General Journal Credit View general journal > Debit Credit View general journal Debit Credit View general journal
Transcribed Image Text:On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 Record the acceptance of note. Note: Enter debits before credits. Date August 01, 2021 Record entry 3 1 Journal entry worksheet 2 Date December 31, 2021 Record entry General Journal Record the adjusting for interest. Clear entry Note: Enter debits before credits. 3 Date January 31, 2022 Record entry Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Record the receipt of cash at maturity. General Journal Clear entry Debit Clear entry General Journal Credit View general journal > Debit Credit View general journal Debit Credit View general journal
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