8-1

Exercise 8-3 (Algo) Record notes payable (LO8-2) On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.7 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. 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) ). Journal entry worksheet Record the issuance of note. Note: Enter debits before credits. On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.7 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. 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 miltions (i.e. 5.5 million should be entered as 5,500,000).) Journal entry worksheet Note: thter aedits berore creaits; On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.7 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. 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 milition should be entered as 5,500,000) ) Journal entry worksheet Record the repayment of the note and payment of interest at maturity. Note: Enter debits belore credls