Question

On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.4 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).) View transaction list

Answer 1

: Solutions Onaugust 1, 2021 trico Technologies, an aeronatice company, borrows $ 19.4 million cash to esparat operatione, Trico sigers a month, an promissory note, Interest is payable at maturity. Date Accounts Debit Kredit an agust 1,2021 Notes receivable 19400000 cash 1940000D Dec 31, 202 Interest receivable 19400000 147 5112 727500 Interest revenue 727500 Jan 31, 2022 A cash . 20273000 lotes receptable 19400 Interest receivable 727500 Interest revenue 19400 000 X 97.773 145500