On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 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 millions (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 1 2 3 Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. Date January 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal
On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.8 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, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 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 millions (i.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 1 2 3 Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits. Date January 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...
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