2- On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.9 million cash...
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2- On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.9 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., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp.(If no entry is required for a 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).)
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