On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loar is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interesti 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 (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.4 million cash to expand operations. The loar is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interesti 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 (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter8: Current And Contingent Liabilities
Section: Chapter Questions
Problem 56BE
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