answer choices

Grossman Products began operations in 2024. The following selected transactions occurred from September 2024 through March 2025. Grossman's fiscal year ends on December 31. 2024: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,200,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $8,200,000 cash and issued a 5-month promissory note with 8% interest payable at maturity. (c.) Grossman received $3,200 of refundable deposits in December for reusable containers. (d.) For the September through December period, sales on account totaled $5,200,000. The state sales tax rate is 4% and 80% of sales are subject to sales tax. (e.) Grossman recorded accrued interest. 2025: (f.) Grossman paid the promissory note on the March 1 due date. (g.) Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months. Required: 1. Prepare the appropriate journal entries for the 2024 transactions. 2. Prepare the liability section of the balance sheet at December 31,2024 , based on the data supplied. 3. Prepare the appropriate journal entries for the events occurring in March of 2025. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries for the 2024 transactions. Note: 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. Journal entry worksheet 25> On September 5, Grossman opened a checking account and negotiated a Grossman Products began operations in 2024. The following selected transactions occurred from September 2024 through March 2025. Grossman's fiscal year ends on December 31. 2024: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,200,000 at 10\% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $8,200,000 cash and issued a 5-month promissory note with 8% interest payable at maturity. (c) Grossman received $3,200 of refundable deposits in December for reusable containers. (d.) For the September through December period, sales on account totaled $5,200,000. The state sales tax rate is 4% and 80% of sales are subject to sales tax. (e.) Grossman recorded accrued interest. 2025: (f.) Grossman paid the promissory note on the March 1 due date. (g.) Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months. Required: 1. Prepare the appropriate journal entries for the 2024 transactions. 2. Prepare the liability section of the balance sheet at December 31,2024 , based on the data supplied. 3. Prepare the appropriate journal entries for the events occurring in March of 2025. Journal entry worksheet On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,200,000 at 10% interest. The company is not required to pay any commitment fees. Note: Enter debits before credits. On October 1, Grossman borrowed $8,200,000 cash and issued a 5-month promissory note with 8% interest payable at maturity. Note: Enter debits before credits. Journal entry worksheet Grossman received $3,200 of refundable deposits in December for reusable containers. Note: Enter debits before credits. For the September through December period, sales on account totaled $5,200,000. The state sales tax rate is 4% and 80% of sales are subject to sales tax. Note: Enter debits before credits. Grossman recorded accrued interest. Note: Enter debits before credits. Accounts payable Accounts receivable Allowance for uncollectible accounts Bad debt expense Cash Cost of goods sold Deferred revenue Interest expense Interest payable Interest receivable Interest revenue Inventory Liability - refundable deposits Notes payable Notes receivable Rent revenue Salaries expense Salaries payable Sales revenue Sales tax payable Grossman paid the promissory note on the March 1 due date. Note: Enter debits before credits. Grossman paid the promissory note on the March 1 due date. Note: Enter debits before credits. Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months. Note: Enter debits before credits