Wasys Department store supported its operations ATOUEN SNOErm noceng In Zuzu decided 5OWS: 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 $1.7 million. Interest rates are adjustable. Sep. 30 The Company borrowed $550,000 on the revolving credit line, payable in 6 months, al an interest rate of 7.2596, due upon maturity Nov. 30 Additional cash needed during peak holiday sale period was funded through the issuance of 60-day, $220,000 commercial paper, discounted at 4%. Jan. 29 Paid off the commercial paper debt on due date. Mar 31 Paid off the balance of 5550,000 on the revolving credit line plus interest Record the following journal entries, assuming a 360-day year for interest computations: a. May 10Entering into credit line agreement. b. September 30Issuance of $550.000 note payable c. November 30Issuance of $220,000 commercial paper. Compute the discount on note payable using 360 days as the base for prorating interest. December 31-Adjusting entries. For the $220.000 note, compute interest accrual based upon exact number of days outstanding e. January 29Payment of $220,000 commercial paper. f. March 31-Payment of $550,000 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 N/A 0 N/A b. Sept. 30 Cash 550,000 Note Payable 550,000 c. Nov. 30 Cash 0 x Discount on Nole Payable - OX Note Payable OX d. Dec. 31 Interest Expense OX Interest Payable OX To record adjusting entry for notissued on Sept. 20 Dec 31 Interest Expense OX Discount on Note Payable 0 OX To record adjusting entry for note issued on Nov. 30 e. Jan. 29 Interest Expense OX Nole Payable OX Cash 0 OX Discount on Note Payable OX 1. Mar. 31 Interest Expense OX 07 Interest Payable 0 X Note Payable Cash OX 0 Wasys Department store supported its operations ATOUEN SNOErm noceng In Zuzu decided 5OWS: 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 $1.7 million. Interest rates are adjustable. Sep. 30 The Company borrowed $550,000 on the revolving credit line, payable in 6 months, al an interest rate of 7.2596, due upon maturity Nov. 30 Additional cash needed during peak holiday sale period was funded through the issuance of 60-day, $220,000 commercial paper, discounted at 4%. Jan. 29 Paid off the commercial paper debt on due date. Mar 31 Paid off the balance of 5550,000 on the revolving credit line plus interest Record the following journal entries, assuming a 360-day year for interest computations: a. May 10Entering into credit line agreement. b. September 30Issuance of $550.000 note payable c. November 30Issuance of $220,000 commercial paper. Compute the discount on note payable using 360 days as the base for prorating interest. December 31-Adjusting entries. For the $220.000 note, compute interest accrual based upon exact number of days outstanding e. January 29Payment of $220,000 commercial paper. f. March 31-Payment of $550,000 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 N/A 0 N/A b. Sept. 30 Cash 550,000 Note Payable 550,000 c. Nov. 30 Cash 0 x Discount on Nole Payable - OX Note Payable OX d. Dec. 31 Interest Expense OX Interest Payable OX To record adjusting entry for notissued on Sept. 20 Dec 31 Interest Expense OX Discount on Note Payable 0 OX To record adjusting entry for note issued on Nov. 30 e. Jan. 29 Interest Expense OX Nole Payable OX Cash 0 OX Discount on Note Payable OX 1. Mar. 31 Interest Expense OX 07 Interest Payable 0 X Note Payable Cash OX 0