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On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.2 million cash to expand operations. The loan is made by FirstBanc Corp under
On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.2 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 8% promissory note. Interest is payable at maturity. FirstBanc Corp. s year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Joumal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a 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 View journal entry worksheet No Date General Journal Debit Credit 1August 01,2018 Cash 19,200,000 Notes payable 19,200,000 2December 31, 2018 Interest expense 640,000 Interest payable 640.,000 3January 31, 2019 Interest expense Cash
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