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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.
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. FirstBanc Corp.'s year-end Is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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 (l.e. 5 should be entered as 5,000,000).) No 1 Date August 01, 2021 Cash Notes Payable 2 3 December 31, 202 Interest Expense Interest Payable January 31, 2022 Interest Expense Interest Payable Notes Payable Cash Answer is not complete. General Journal Debit Credit 20,200,000 20,200,000 505,000 505,000 101,000 505,000 * 20,200,000 20,806,000
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