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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.2 million cash to expand operations. The loan is made by FirstBanc Corp. under
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.2 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, 6% 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 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 View journal entry worksheet No 1 Date: August 01, 2021 Cash Notes Payable 2 December 31, 2021 Interest Expense Interest Payable 3 January 31, 2022 Notes Payable Interest Expense Interest Payable Cash General Journal Debit Credit
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