Question: On August 1 , 2 0 2 4 , Trico Technologies, an aeronautic electronics company, borrows $ 1 9 . 0 million cash to expand
On August Trico Technologies, an aeronautic electronics company, borrows $ million cash to expand operations. The loan is made by FirstBanc Corporation under a shortterm line of credit arrangement. Trico signs a sixmonth, promissory note. Interest is payable at maturity. Tricos yearend is December
Required:
to Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field. Enter your answers in dollars, not millions ie million should be entered as Journal entry worksheet
Record the issuance of note.
Note: Enter debits before credits.
Journal entry worksheet
Record the adjusting entry for interest.
Note: Enter debits before credits.
Journal entry worksheet
Record the repayment of the note and payment of interest at maturity.
Note: Enter debits before credits.
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