The following selected transactions relate to liabilities of southern communications Inc. For parting of 2010. Sothern's fiscal year ends on Dec 31 . Required Prepare the appropriate journal entries for these transactions. 2010 July 1 Arranged an uncommitted line of credit with City bank amounting to sh. 25m at the bank's prime rate ( 11.5% in July). The company will pay no commitment fees for this arrangement. Aug 9 Received a ksh. 30,000 refundable deposit from a major customers. Oct 7 Received most of the mailing containers covered by the refundable deposit and a letter stating that the customer will retain containers represented by ksh. 2,000 of the deposit and forfeit that amount. The cost of the forfeited container was ksh. 1500. Nov. 1 Borrowed 7 million cash from first City bank under the line of credit arranged by July and issued a 9 month promissory note. Interest at the prime rate of 12% was payable at maturity. Dec 31 Recorded appropriate adjusting entries for liabilities describe above. The following selected transactions relate to liabilities of southern communications Inc. For parting of 2010. Sothern's fiscal year ends on Dec 31 . Required Prepare the appropriate journal entries for these transactions. 2010 July 1 Arranged an uncommitted line of credit with City bank amounting to sh. 25m at the bank's prime rate ( 11.5% in July). The company will pay no commitment fees for this arrangement. Aug 9 Received a ksh. 30,000 refundable deposit from a major customers. Oct 7 Received most of the mailing containers covered by the refundable deposit and a letter stating that the customer will retain containers represented by ksh. 2,000 of the deposit and forfeit that amount. The cost of the forfeited container was ksh. 1500. Nov. 1 Borrowed 7 million cash from first City bank under the line of credit arranged by July and issued a 9 month promissory note. Interest at the prime rate of 12% was payable at maturity. Dec 31 Recorded appropriate adjusting entries for liabilities describe above