$41$

Grossman Products began operations in $2021.$ The following selected transactions occurred from September $2021$ through March $2022.$ Grossman's fiscal year ends on December $31.$

$2021$:

$($a$.)$ On September $5,$ Grossman opened a checking account and negotlated a short$-$term line of credit of up to $$10,400,000$ at $10\%$

$03$:$13$:$00$

Interest. The company is not required to pay any commitment fees.

$($b$.)$ On October $1,$ Grossman borrowed $$8,400,000$ cash and issued a $5-$month promissory note with $12\%$ interest payable at maturity.

$($c$.)$ Grossman recelved $$3,400$ of refundable deposits in December for reusable contalners.

$($d$.)$ For the September through December perlod, sales on account totaled $$5,400,000.$ The state sales tax rate is $4\%$ and $70\%$ of sales are subject to sales tax.

$($e$.)$ Grossman recorded accrued Interest.

$2022$:

$($f$.)$ Grossman pald the promissory note on the March $1$ due date.

$($g$.)$ Half of the storage contalners are returned in March, with the other half expected to be returned over the next $6$ months.

Requlred:

Prepare the approprlate journal entrles for the $2021$ transactions.

Prepare the llability section of the balance sheet at December $31,2021,$ based on the data supplied.

Prepare the,approprlate Journal entriles for the events occurring in March of $2022.$

Complete this question by entering your answers in the tabs below.

Prepare the appropriate journal entries for the $2021$ transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your final answers to the nearest whole dollars.$)$