On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.3 million cash to expand...

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On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.3 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. 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 1 2 3 Record the acceptance of the note. Note: Enter debits before credits. Date Debit Credit August 01, 2024 Record entry View general Journal General Journal Clear entry Journal entry worksheet < 1 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry Debit Credit View general Journal Journal entry worksheet Record the receipt of cash by FirstBanc Corporation at maturity. Note: Enter debits before credits. Date General Journal Debit January 31, 2025 Record entry Clear entry Credit View general Journal On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.3 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. 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 1 2 3 Record the acceptance of the note. Note: Enter debits before credits. Date Debit Credit August 01, 2024 Record entry View general Journal General Journal Clear entry Journal entry worksheet < 1 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry Debit Credit View general Journal Journal entry worksheet Record the receipt of cash by FirstBanc Corporation at maturity. Note: Enter debits before credits. Date General Journal Debit January 31, 2025 Record entry Clear entry Credit View general Journal

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Date General Journal Aug01 2024 Notes recievable Cash To record issuance of ... View the full answer