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Journal entry worksheet Record a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Journal entry worksheet Record a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity. Note: Enter debits before credits. Journal entry worksheet Record the issuance of $16.3 million of commercial paper on a nine-month note, supported by the credit line. Interest was discounted at issuance at a 12% discount rate. Note: Enter debits before credits. Journal entry worksheet 1 Note: Enter debits before credits. Journal entry worksheet Record the repayment of commercial paper at maturity. Note: Enter debits before credits. Journal entry worksheet 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 $27.0 million at the bank's prime rate. Note: Enter debits before credits. Journal entry worksheet Record the payment of the 13% note at maturity. Note: Enter debits before credits. Journal entry worksheet Record necessary adjusting entry to accrue interest on December 31 . Note: Enter debits before credits. 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 is $27.0 million at the bank's prime rate. February 1 Arranged a three-month bank loan of $6.6 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 13% was payable at maturity. May 1 Paid the 13% note at maturity. December 1 Supported by the credit line, issued $16.3 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 12% discount rate. December 31 Recorded any necessary adjusting entry(s). 2025 September 1 Paid the commercial paper at maturity. 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

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