On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.2 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, 6% 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).) No 1 2 3 Date August 01, 2024 Cash Answer is complete but not entirely correct. General Journal Notes Payable December 31, 202 Interest Expense Interest Payable January 31, 2025 Notes Payable Interest Payable Interest Expense Cash ✓ ✓ ♥ ✓ ✓ ✓ Debit 20,200,000 606,000 X 20,200,000✔ 606,000 X 0x Credit 20,200,000✔ 606,000 0x

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.2 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, 6% 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).) No 1 2 3 Date August 01, 2024 Cash Answer is complete but not entirely correct. General Journal Notes Payable December 31, 202 Interest Expense Interest Payable January 31, 2025 Notes Payable Interest Payable Interest Expense Cash ✓ ✓ ♥ ✓ ✓ ✓ Debit 20,200,000 606,000 X 20,200,000✔ 606,000 X 0x Credit 20,200,000✔ 606,000 0x

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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My online quiz advises this amount is incorrect.
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