The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends...
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The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends on December 31. January 13 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate. February 1 Arrange a three-month bank loan of $3.6 million with First Bank under the line of credit agreement. Interest at the prime rate of 6% is payable at maturity. May 1 Pay the 6% note at maturity. 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 (i.e. 5 million should be entered as 5,000,000).) > 1 2 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate. Note: Enter debits before credits. Date January 13 General Journal Debit Credit 2 Screen Shot 2024... 3 Arrange a three-month bank loan of $3.6 million with First Bank under the line of credit agreement. Interest at the prime rate of 6% is payable at maturity. Note: Enter debits before credits. Date February 01 < 1 2 Screen Shot 2024... Pay the 6% note at maturity. General Journal Debit Credit Note: Enter debits before credits. Date May 01 General Journal Debit Credit editing backgrou The following selected transactions relate to liabilities of Pacific Coast Adventures. Pacific Coast's fiscal year ends on December 31. January 13 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate. February 1 Arrange a three-month bank loan of $3.6 million with First Bank under the line of credit agreement. Interest at the prime rate of 6% is payable at maturity. May 1 Pay the 6% note at maturity. 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 (i.e. 5 million should be entered as 5,000,000).) > 1 2 Negotiate a revolving credit agreement with First Bank that can be renewed annually upon bank approval. The amount available under the line of credit is $10 million at the bank's prime rate. Note: Enter debits before credits. Date January 13 General Journal Debit Credit 2 Screen Shot 2024... 3 Arrange a three-month bank loan of $3.6 million with First Bank under the line of credit agreement. Interest at the prime rate of 6% is payable at maturity. Note: Enter debits before credits. Date February 01 < 1 2 Screen Shot 2024... Pay the 6% note at maturity. General Journal Debit Credit Note: Enter debits before credits. Date May 01 General Journal Debit Credit editing backgrou
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January 13 General Journal Entry Debit No Journal Entry Required Credit Line of Credit Payable 10000... View the full answer
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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