Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help on journal entries worksheet 1-7 : 1/13/24 - record a revolving credit agreement negotiated with parish Bank, that can be renewed annually upon
need help on journal entries worksheet 1-7 : 1/13/24 - 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 at the bank's prime rate 2/1/24 - record a three month bank loan a $4.5 million with parish bank under the line of credit agreement. Interest at the prime rate of 6% was payable at maturity. 5/1/24 - record the payment of the 6% note at maturity 12/31/24 - 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. 12/31/24 - record any necessary adjusting entry to accrued interest on December 31 9/1/25 - record interest on commercial paper in 2025 9/1/25 - record the repayment of commercial paper at maturity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started