Business, 11.11.2020 17:40, matiasjjj14
On August 1, 2021, 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. Trico’s year-end is December 31.
Required:
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).)
Answers: 2
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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.7 million cash...
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