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this is all one question. thank you in advance! Journal entry worksheet 4 7 Record a three-month bank loan of $7.8 million with Parish Bank
this is all one question. thank you in advance!
Journal entry worksheet 4 7 Record a three-month bank loan of $7.8 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 12% was payable 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 $30.5 million at the bank's prime rate. Note: Enter debits before credits. Journal entry worksheet (1) 2 7 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 $30.5 million at the bank's prime rate. February 1 Arranged a three-month bank loan of $7.8 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 12% was payable at maturity. May 1 Paid the 12% note at maturity. December 1 Supported by the credit line, issued $18.0 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 11% 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. Journal entry worksheet (1) 4 Record interest on commercial paper in 2025. Note: Enter debits before credits. Journal entry worksheet (2) 7 Record the issuance of $18.0 million of commercial paper on a nine-month note, supported by the credit line. Interest was discounted at issuance at a 11% discount rate. Note: Enter debits before credits. Journal entry worksheet Record the payment of the 12% note at maturity. Note: Enter debits before credits. Journal entry worksheet 12345 Record the repayment of commercial paper at maturity. Note: Enter debits before creditsStep by Step Solution
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