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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $207 million cash to expand operations
Posted: Fri Jul 01, 2022 7:50 am
by answerhappygod
- On August 1 2021 Trico Technologies An Aeronautic Electronics Company Borrows 207 Million Cash To Expand Operations 1 (36.15 KiB) Viewed 41 times
On August 1, 2021, Trico Technologies, an aeronautic electronics
company, borrows $207 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).) View transaction list Journal entry worksheet 2 3 Record the issuance of note. Date Note: Enter debits before credits General Journal Prev Debit 1 of 13 Credit Next >