On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loar is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interesti 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 (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loar is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interesti 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 (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet

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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Question

Ef 599.

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.4 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, 9% 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 (i.e. 5.5 million should be entered as 5,500,000).)
View transaction list
Journal entry worksheet
1. Record the acceptance of the note.
2. Record rhe adjusting entry for interest.
3. Record the receipt of cash by FirstBanc Corporation at maturity.

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