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January 13 Hegotiate a revolving credit agreement with first Eank that can be renewed annuully upon bank approval. The Anount available under the line of credic is $10 million at the bank's prime rate. rate of 7X is payable at maturity. May 1 Pay the 78 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 porticular transoction/event, select "No Journol Entry Required" in the first account field. Enter your answers in dollars, not in millions fi.e. 5 million should be entered as 5,000,000).) Journal entry worksheet 3 Arrange a three-month bank loan of $5 million with First Bank under the line of credit egreement Interest at the prime rato of 7% is payable at maturity. Notr: Enter debets nefar credits. January 13 Negotiate a revolving credit agreement, with. First Bank that can be renemed amnually upon bank approval. The anount available under the line of credit is sie million at the bank's prime rate. February 1 Arranite a three-nonth bank loan of $5-illion with rifst tank bnder the line of credit agreement. Interest at the prime rate of 7x is payable at maturity. May 1 Pay the 7x note at maturity. Required: Record the approptiate entries, if any, on January 13, February 1, and May 1. (If no entry is required for o 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 os 5,000,000). Journal entry worksheet Negotiato a revolving credit agreement with Finst Bank that can be renewed onnually upon bank approval. The amount available under the line of credit is $10 mition at the bank's prirre rate. Note: Enter deties tefor e oredih. Jasuary 13 Negotiate a revolving credit agreenent with first Bank that can be renewed annually upon bark approval. The anount available under the line of credit is $10 million at the bank's prine rate: rate of 7x is payable at maturity. pay the 7 note at maturity. May 1 Pay the 7x note at maturity. Required: Record the appropriate entries, if any, on January 13, February 1, and May 1 . (If no entry is required for o porticular tronsoction/event. soleet "No Journol Entry Required" in the first account fleld. Enter your onswers in dollars, not in millions (i.e, 5 million should be entered as 5,000,000).) Journal entry worksheet

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