On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% 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).) View transaction list Journal entry worksheet < 1 2 3 Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. Date January 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% 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).) View transaction list Journal entry worksheet < 1 2 3 Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. Date January 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% 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).)
View transaction list
Journal entry worksheet
<
1 2
3
Record the repayment of the note and payment of interest at maturity.
Note: Enter debits before credits.
Date
January 31, 2025
General Journal
Debit
Credit
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a4c6c2f-ea01-4288-b98a-0acd13bc5a27%2F626e2dd5-58e5-47c9-9d4f-1a9fa6a87555%2Fidui59g_processed.png&w=3840&q=75)
Transcribed Image Text:On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% 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).)
View transaction list
Journal entry worksheet
<
1 2
3
Record the repayment of the note and payment of interest at maturity.
Note: Enter debits before credits.
Date
January 31, 2025
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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