Question: please help with the incorrect answers. Exercise 8-3A Record notes payable (LO8-2) On August 1, 2021. Trico Technologies, an aeronautic electronics company, borrows $21 million
Exercise 8-3A Record notes payable (LO8-2) On August 1, 2021. Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. 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.-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 in millions (ie 5 should be entered as 5,000,000).) Credit Date General Journal Debit 21.000.000 1 August 01, 2021 Cash Notes Payable 21,000,000 2 O 787,500 December 31, 2017 Interest Expense Interest Payable 787.500 3 January 31, 2022 Interest Expense Interest Payable Notes Payable Cash OO 2,194,500 157.500 787,500 21,000,000
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