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Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September 2021 through March 2022. Grossman's fiscal year ends on

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Saved Help av Grossman Products began operations in 2021. The following selected transactions occurred from September 2021 through March 2022. Grossman's fiscal year ends on December 31. 2021: (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $9,700,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, Grossman borrowed $7,700,000 cash and issued a 5-month promissory note with 12% Interest payable at maturity. (c) Grossman received $2,700 of refundable deposits in December for reusable containers (d.) For the September through December period, sales totaled $4,700,000. The state sales tax rate is 4% and 70% of sales are subject to sales tax (e.) Grossman recorded accrued interest 2022: (1) Grossman paid the promissory note on the March 1 due date. (9.) 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 2021 transactions 2. Prepare the liability section of the balance sheet at December 31, 2021, based on the data supplied 3. Prepare the appropriate journal entries for the events occurring in March of 2022 WWUERSMeet 2 3 4 5 On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $9,700,000 at 10% interest. The company is not required to pay any commitment fees. Note: Enter debits before credits Transaction General Journal Dobit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Prepare the liability section of the balance sheet at December 31, 2021, based on the data supplied. Balance Sheet (partial) At December 31, 2021 Current liabilities: Total current liabilities Grossman paid the promissory note on the March 1 due date. Note: Enter debits before crdits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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