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kingjustin0825
kingjustin0825
27.11.2019 • 
Business

On august 1, 2021, trico technologies, an aeronautic electronics company, borrows $20.1 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. trico’s year-end is december 31.
required:
1. record the issuance of note.
2. record the adjustment for interest.
3. record the repayment of the note at maturity.

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