- us bank credit card processing
- paid credit report
- pre paid credit
The following selected transactions relate to liabilities of United Insulation Corporation. United’s fiscal year ends on December 31.
2013
Jan.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 $20 million at the bank’s prime rate.
Feb.1
Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity.
May 1
Paid the 10% note at maturity.
Dec.1
Supported by the credit line, issued $10 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate.
Dec 31
Recorded any necessary adjusting entry(s).
2014
Sept.1
Paid the commercial paper at maturity.
Required:
Prepare the appropriate journal entries through the maturity of each liability:
2013
Jan 13
Feb 1
May 1
Dec 1
Dec 31
2014
Sept 1
Thank you!!
2013
Jan.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 $20 million at the bank’s prime rate.
Feb.1
Arranged a three-month bank loan of $5 million with Parish Bank under the line of credit agreement. Interest at the prime rate of 10% was payable at maturity.
May 1
Paid the 10% note at maturity.
Dec.1
Supported by the credit line, issued $10 million of commercial paper on a nine-month note. Interest was discounted at issuance at a 9% discount rate.
Dec 31
Recorded any necessary adjusting entry(s).
2014
Sept.1
Paid the commercial paper at maturity.
Required:
Prepare the appropriate journal entries through the maturity of each liability:
2013
Jan 13
Feb 1
May 1
Dec 1
Dec 31
2014
Sept 1
Thank you!!
Liabilitites accounting help!?
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