Question: TO 1 Exercise 8-3A Record notes payable (LO8-2) 138/2 points awarded On August 1, 2021. Trico Technologies, an aeronautic electronics company, borrows $21 million cash
TO 1 Exercise 8-3A Record notes payable (LO8-2) 138/2 points awarded On August 1, 2021. Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBlanc 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 porticular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (1.6.5 should be entered as 5,000,000).) Scored ook No Date General Journal Credit Debit 21000,000 1 Print August 01, 2021 Cash Notes Payable References 21,000,000 2 787,500 December 31, 202 Inforest Expense Interest Payable 787 500 3 January 31 2022 Interest Expense Interest Payable Cash 157.500 % 1,102 500 21,000,000
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