On August 2018. Trio echnologies, an aeronautic electronics company, bo o note.

Question

On August 2018. Trio echnologies, an aeronautic electronics company, bo o note. Interest is payable at maturity. FirstBanc Corp.'s year-end is December 31 s $19.2 mil on cash to expand operations. The loan is made by F Banc Carp. under a sho e o credit amange ment. T na a six-month, 8% p em s y Required: 1., 2.8 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transactionlevent, 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).) View transaction list Journal entry worksheet Record the acceptance of note Note: Enter debits before credits ate August 01 2018 Record entry Vlew general Journal

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit Cash $             1,92,00,000 Aug 01, 2018       To 8% Promissiory Notes $           1,92,00,000 (To Record the 8% Promissory Notes) Interest Expenses ( $ 19,200,0000 X 8% X 5/12) $                   6,40,000 Dec 31, 2018      To Interest Payable $                 6,40,000 (To record the ineterest expenses for the closing year 2018) Jan 31, 2019 Interest Expenses ( $ 19,200,0000 X 8% X 1/12) $                   1,28,000 Interest Payable                        6,40,000 8% Promissory Notes                  1,92,00,000        To Cash $           1,99,68,000 (To record the payment of promissory note with interest)

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