24rc and 24c wires

Please excuse the hopefully simple question. I have a Trane thermostat now that has a red wire connecting to a plug labelled 24rc and a blue wire connecting to a plug named 24c. My understanding is that 24rc refers to “24 vac power from cooling transformer” an 24c is “24 vac common”. I guess I’m wondering why I don’t have an R (24vac from heating transformer), since heating and colling are controlled from this device.

I want to swap in a new thermostat from Honeywell that has plugs labelled “Rc” and “C”. I’m guessing the 24rc (red wire) goes to the Rc and the 24c (blue) goes to C.

The remaining wires are W Y and G which seem to have corresponding plugs on the Honeywell.

Am I right?