On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 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, 8% 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 (l.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Record entry Date December 31, 2024 Interest Receivable Interest Revenue General Journal Clear entry Debit Credit View general journal

On August 1, 2024, Trico Technologies, an aeronautic electronics company, borrows $20.0 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, 8% 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 (l.e. 5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet < 2 3 Record the adjusting entry for interest. Note: Enter debits before credits. Record entry Date December 31, 2024 Interest Receivable Interest Revenue General Journal Clear entry Debit Credit View general journal

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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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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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 (l.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 XXXX Debit 19,300,000 723,750✔ 19,300,000 X 723,750 x 144,750 x Credit 19,300,000 723,750 20,168,500
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.0 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 (i.e. 5 should be entered as 5,000,000).)
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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.2 million cash on October 1, 2024, to provide working capital for anticipated expansion. Precision signs a one- year, 7% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each company has a December 31 year-end. Required: 1. Prepare the journal entries on October 1, 2024, to record (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. 2. Record the adjusting entry on December 31, 2024, for (a) Precision Castparts and (b) Midwest Bank. 3. Prepare the journal entries on September 30, 2025, to record payment of (a) the notes payable for Precision Castparts and (b) the notes receivable for Midwest Bank. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries on October 1, 2024, to record (a) the notes…
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