Business, 17.12.2019 06:31 LarryJoeseph

On september 5, opened checking accounts at second commercial bank and negotiated a short-term line of credit of up to $8,000,000 at the bank's prime rate (9.5% at the time). the company will pay no commitment fees. on october 1, borrowed $5 million cash from second commercial bank under the line of credit and issued a five-month promissory note. interest at the prime rate of 9% was payable at maturity. management planned to issue 10-year bonds in february to repay the note. received $2,000 of refundable deposits in december for reusable containers used to transport and store chemical-based products. for the september–december period, sales on account totaled $4,880,000. the state sales tax rate is 3% and the local sales tax rate is 3%. (this is a summary journal entry for the many individual sales transactions for the period.) recorded the adjusting entry for accrued interest.

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On september 5, opened checking accounts at second commercial bank and negotiated a short-term line...