On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $197 million cash to expand operations. The loan is made by FirstBanc Corporation under a short term ine of credit aangement Tico signs a six-month, 9% promissory note Interest is payable at maturity Trico's year-erid is December 31 Required: 1 to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies of 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 (e. 5.5 million should be entered as 5,500,0001) Answer is complete but not entirely correct. August 2004 Cash December 31, 202 st Expense Payable January 31, 2025 Notes Payable Wa Debit 18.700,000 738.750 20.300.000 761,250 505.000 Credit 1,700,000 734.750 21213.500 (
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $197 million cash to expand operations. The loan is made by FirstBanc Corporation under a short term ine of credit aangement Tico signs a six-month, 9% promissory note Interest is payable at maturity Trico's year-erid is December 31 Required: 1 to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies of 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 (e. 5.5 million should be entered as 5,500,0001) Answer is complete but not entirely correct. August 2004 Cash December 31, 202 st Expense Payable January 31, 2025 Notes Payable Wa Debit 18.700,000 738.750 20.300.000 761,250 505.000 Credit 1,700,000 734.750 21213.500 (
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $197 million cash to expand operations. The loan
is made by FirstBanc Corporation under a short-term Ine of credit arrangement Trico signs a six-month, 9% promissory note. Interest is
payable at maturity Trico's year-erid is December 31
Required:
1 to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies of 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 (e. 5.5 million should be entered as 5.500,0001)
1
2
3
Date
August 01, 2004 Cash
Answer is complete but not entirely correct.
General Journal
December 31, 202 st Expense
Payable
January 31, 2025 Nos Payable
Interest Payable
00
00
0000
Debit
19.700.000
738.750
20.300.000-
7612500
505.000
Credit
18,700,000
738.750
21.213.500
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