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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 million cash to expand operations. The loan Is made by FirstBanc Corp.
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.5 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 (l.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 23 Record the issuance of note. Note: Enter debits before credits. General Journal Debit Credit 20 Date August 01, 2021 Cash Notes Payable 20 View general journal Record entry Clear entry >
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