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The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on...

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Accounting

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The following selected transactions relate to liabilities of Food Emporium whose fiscal year ends on December 31. 26 Negotiated a line of credit with city Bank that can be renewed annuallly upon bank approval. The amount available under the line of credit is $1.50 million at the bank's prime rate January March 1 Arranged a six-month bank loan of $310,000 with City Bank under the line of credit agreement. Interest at the prime rate of 8t is payable at maturity 1 Paid the 88 note at maturity. September Record the appropriate entries, if any, on January 26, March 1, and September 1. (Enter your answers in dollars, not in millions. Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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