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On August 1,2024, Trico Technologies, an aeronautic electronics company, borrows $20.2 million cash to expand...

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Accounting

On August 1,2024, Trico Technologies, an aeronautic electronics company, borrows $20.2 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. FirstBanc Corporation's year-end is December 31.
Required:
to 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corporation. (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).)
Journal entry worksheet
(1)
(2)3
Record the receipt of cash by FirstBanc Corporation at maturity.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 31,2025,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
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