Recording Entries for Short-term Notes Payable Masy's Department Store supported its operations through short-term note financing in 2020 described as follows: 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 $3.3 million. Interest rates are adjustable. Sep. 30 The Company borrowed $1,100,000 on the revolving credit line, payable in 6 months, at an interest rate of 7.25%, due upon maturity. Nov. 30 Additional cash needed during peak holiday sale period was funded through the issuance of 60-day, $440,000 commercial paper, discounted at 4%. Jan. 29 Paid off the commercial paper debt on due date. Mar. 31 Paid off the balance of $1,100,000 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 $1,100,000 note payable. C. November 30Issuance of $440,000 commercial paper. Compute the discount on note payable using 360 days as the base for prorating interest. d. December 31-Adjusting entries. For the $440,000 note, compute interest accrual based upon exact number of days outstanding. e. January 29Payment of $440,000 commercial paper. f. March 31Payment of $1,100,000 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 o 0 0 0 b. Sept. 30 0 O 0 0 c. Nov. 30 0 O 0 0 0 0 0 d. Dec. 31 o 0 O To record adjusting entry for note issued on Sept. 30 Dec. 31 0 0 0 0 To record adjusting entry for note issued on Nov. 30 e. Jan. 29 0 o o 0 0 0 0 0 f. Mar. 31 0 0 o 0 o 0 0 o