On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.3 million cash to expand operations. The loan Is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corporation's year-end Is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 millions (1.e. 5.5 million should be entered as 5,500,000).) No 1 2 3 Date August 01, 2024 Cash Notes Payable December 31, 202 Interest Expense Interest Payable January 31, 2025 Notes Payable Interest Payable Interest Expense Cash Answer is not complete. General Journal X x Debit 19,300,000 723,750 19,300,000 X 723,750 144,750X Credit 19,300,000 723,750 20,168,500

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $19.3 million cash to expand operations. The loan Is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corporation's year-end Is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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 millions (1.e. 5.5 million should be entered as 5,500,000).) No 1 2 3 Date August 01, 2024 Cash Notes Payable December 31, 202 Interest Expense Interest Payable January 31, 2025 Notes Payable Interest Payable Interest Expense Cash Answer is not complete. General Journal X x Debit 19,300,000 723,750 19,300,000 X 723,750 144,750X Credit 19,300,000 723,750 20,168,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 24E: Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January...

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