On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 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. FirstBanc Corporation's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 (l.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Record entry Date December 31, 2024 Interest Receivable Interest Revenue General Journal Clear entry Debit Credit View general journal
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 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. FirstBanc Corporation's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 (l.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Record entry Date December 31, 2024 Interest Receivable Interest Revenue General Journal Clear entry Debit Credit View general journal
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 $20.0 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. FirstBanc Corporation's year-end is December 31.
Required:
1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 (l.e. 5.5 million should be entered as 5,500,000).)
View transaction list
Journal entry worksheet
<
2
3
Record the adjusting entry for interest.
Note: Enter debits before credits.
Record entry
Date
December 31, 2024 Interest Receivable
Interest Revenue
General Journal
Clear entry
Debit
Credit
View general journal
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