Exercise 13-3 (Algo) Short-term notes [LO13-2] The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2024 January 13 Negotiated a revolving credit agreement with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit in $25.0 million at the bank's prime rate. February 1 Arranged a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity. May 1 Paid the 6 note at maturity. December 1 Supported by the credit line, issued $15.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 5% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at naturity. Required: Prepare the appropriate journal entries through the maturity of each liability. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record the repayment of commercial paper at maturity. Homework es Saved Prepare the appropriate journal entries through the maturity of each liability. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No jo the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 2 3 4 5 6 7 Record a revolving credit agreement negotiated with Parish Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $25.0 million at the bank's prime rate. Note: Enter debits before credits. Date January 13, 2024 General Journal Debit Credit Record entry Clear entry View general journal < Prev 1 of 6 www Next nces Journal entry worksheet 2 3 4 5 6 7 Record a three-month bank loan of $4.5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity. Note: Enter debits before credits. Date February 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 2 4 5 6 7 Record the payment of the 6% note at maturity. Note: Enter debits before credits. Date May 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 5 6 7 Record the issuance of $15.3 million of commercial paper on a nine-month note, supported by the credit line. Interest was discounted at issuance at a 5% discount rate. Note: Enter debits before credits. Date December 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record necessary adjusting entry to accrue interest on December 31. Note: Enter debits before credits.. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal Prepare the appropriate journal entries through the maturity of each liability. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry req the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record interest on commercial paper in 2025. Note: Enter debits before credits. Date September 01, 2025 D 7 General Journal Debit Credit Record entry Clear entry View general Journal