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On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 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. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal 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 Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal View transaction list View transaction list Journal entry worksheet Journal entry worksheet 3 3 Record the adjustment for interest. Record the receipt of cash at maturity. Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit Date General Journal Debit Credit December 31, 2018 January 31, 2019 Record entry Clear entry View general journal Record entry Clear entry View general journal

On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 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. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal 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 Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal View transaction list View transaction list Journal entry worksheet Journal entry worksheet 3 3 Record the adjustment for interest. Record the receipt of cash at maturity. Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit Date General Journal Debit Credit December 31, 2018 January 31, 2019 Record entry Clear entry View general journal Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 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. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal 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 Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal
Transcribed Image Text:On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 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. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal 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 Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal
View transaction list View transaction list Journal entry worksheet Journal entry worksheet 3 3 Record the adjustment for interest. Record the receipt of cash at maturity. Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit Date General Journal Debit Credit December 31, 2018 January 31, 2019 Record entry Clear entry View general journal Record entry Clear entry View general journal
Transcribed Image Text:View transaction list View transaction list Journal entry worksheet Journal entry worksheet 3 3 Record the adjustment for interest. Record the receipt of cash at maturity. Note: Enter debits before credits. Note: Enter debits before credits. Date General Journal Debit Credit Date General Journal Debit Credit December 31, 2018 January 31, 2019 Record entry Clear entry View general journal Record entry Clear entry View general journal
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