Question: this question has three parts Exercise 8-4A Record notes receivable (LO8-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.1 million cash
this question has three parts



Exercise 8-4A Record notes receivable (LO8-2) On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.1 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. FirstBanc Corp.'s year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the acceptance of note. Note: Enter debits before credits. General Journal Debit Credit Date August 01, 2021 Record entry View general journal Clear entry Journal entry worksheet Record the adjusting for interest. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry View general journal Clear entry Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
