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Return to question On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.4 million cash to expand operations. The loan is made by
Return to question On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.4 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, 9% 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 (ie. 5 should be entered as 5,000,000).) Credit No Answer is complete but not entirely correct. Date General Journal Debit August 01, 2021 Cash 19.400,000 Notes Payable 19,400,000 727,500 December 31, 202 Interest Expense Interest Payable 727,500 January 31, 2022 Notes Payable Interest Expense Interest Payable 1 Poeh 19,400,000 727,500 145,500
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