On August 1, 2024, Trico Technologles, an aeronautic electronics company, borrows $20.9 million cash to...
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On August 1, 2024, Trico Technologles, an aeronautic electronics company, borrows $20.9 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, 6% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below for Trico Jechnologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accouht field. Enter your answers in dollars, not millions (i.e. 5.5 million should be entered as 5,500,000 ).) Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet 1 Record the repayment of the note and payment of interest at maturity. Note: Enter debits before credits
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