- Please Fix What Is Marked In Red With The X 1 (72.75 KiB) Viewed 8 times
PLEASE FIX WHAT IS MARKED IN RED WITH THE X
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answerhappygod
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PLEASE FIX WHAT IS MARKED IN RED WITH THE X
PLEASE FIX WHAT IS MARKED IN RED WITH THE X
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 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.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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).) No 1 2 3 Date August 01, 2021 Notes Receivable Cash December 31, 202 Interest Receivable Interest Revenue January 31, 2022 Cash Interest Receivable Interest Revenue Notes Receivable Answer is not complete. General Journal Debit 20,100,000 753,750 20,100,000 753,750 X 150,750 Credit 20,100,000 753,750 21,004,500
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.1 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.-3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (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).) No 1 2 3 Date August 01, 2021 Notes Receivable Cash December 31, 202 Interest Receivable Interest Revenue January 31, 2022 Cash Interest Receivable Interest Revenue Notes Receivable Answer is not complete. General Journal Debit 20,100,000 753,750 20,100,000 753,750 X 150,750 Credit 20,100,000 753,750 21,004,500