May 10 The Company entered into a new credit agreement with certain financial institutions providing for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $3.3 million. Interest rates are adjustable. Sep 30 The Company borrowed $1,100,000 on the revolving credit line, payable in 6 months, at an interest rate of 7.25%, due upon maturity. Nov. 30 Additional cash needed during peak holiday sale period was funded through the issuance of 60-day, S440,000 commercial paper discounted at 4%. Jan. 29 Paid off the commercial paper debt on due date. Mar 31 Paid off the balance of S1,100,000 on the revolving credit line plus interest. Record the following journal entries, assuming a 360-day year for interest computations: a. May 10-Entering into credit line agreement, b. September 30-Issuance of $1,100,000 note payable. C. November 30Issuance of $440,000 commercial paper. Compute the discount on note payable using 360 days as the base for prorating interest. d. December 31-Adjusting entries. For the $440,000 note, compute interest accrual based upon exact number of days outstanding. e. January 29Payment of 5440,000 commercial paper, f. March 31 -Payment of $1,100,000 note payable. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr.answers blank (zero). Date Account Name Dr. Cr. a May 10 NA 0 N/A 0 b. Sept. 30 Cash 1,100,000 0 Note Payable 1,100,000 Nov 30 Cash 437,067 Discount on Note Payable 2,933 0 Note Payable 440,000 d. Dec. 31 Interest Expense 1,457 X Interest Payable 0 1,457 X To record adjusting entry for note issued on Sept. 30 Dec 31 Interest Expense 7,922 x 0 N/A 7,922 x To record adjusting entry for note issued on Nov. 30 Jan. 29 Accrued Compensation X 0 Note Payable OX 0 Cash OX Deferred Revenue f. Mar 31 Deferred Revenue X OX Interest Payable OX 0 Interest Expense X OX Cash 0 0X . C. c 0 . . X O e. OX X +