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Business, 05.05.2021 22:10 ghopk5929

On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.3 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, 6% promissory note. Interest is payable at maturity. Trico’s year-end is December 31. Required:
Record the necessary entries in the Journal Entry.

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On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.3 million cash...
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