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WILL GIVE THUMBS UP IF DONE WITHIN NEXT 3-4 HOURS 3 The following selected transactions relate to liabilities of Rocky Mountain Adventures. Rocky Mountain's fiscal
WILL GIVE THUMBS UP IF DONE WITHIN NEXT 3-4 HOURS
3 The following selected transactions relate to liabilities of Rocky Mountain Adventures. Rocky Mountain's fiscal year ends on December 31 January 13 Negotiate a revolving credit agreement wits Pirat Bank that cas he reneved an ally upon bank approval. The amount available under the line of credit is $10 milion at the banks prie rate. Yebruary 1 Arrange a three-month bank loan of $4.9 million vits First Tank under the line of credit agreement. Interest at the prime rate of 10 payable at maturity. MAY 1 Pay the 76 sote at turity. Required: Record the appropriate entries, if any, on January 13, February 1, and May 1 (if no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (.e.5 should be entered as 5,000,000)) 40 View transaction list ferences Journal entry worksheet 1 Record the receipt of revolving credit. Note Enter debits before credits Debit Credit Date General Journal January 13 Charanby Record entry Viergeneral JournalStep by Step Solution
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