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Exercise 8-3(Algo) Record notes payable (LO8-2) On August 1,2024, Trico Technologies, an...

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Accounting

Exercise 8-3(Algo) Record notes payable (LO8-2)
On August 1,2024, Trico Technologies, an aeronautic electronics company, borrows $20.3 million cash to expand operations. The loan is made by FirstBanc Corporation under a short-term line of credit arrangement. Trico signs a six-month, 6% promissory note. Interest is payable at maturity. Tricos year-end is December 31.
Required:
1. to 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 millions (i.e.5.5 million should be entered as 5,500,000).)

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