(Solved): Chapter 13 Homework Sor Camden Blotechnology began operations in September 2024. The following selec ...

Chapter 13 Homework Sor Camden Blotechnology began operations in September 2024. The following selected transactions relate to liabilities of the company for September 2024 through March 2025. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 25 points 2024 0. On September 5, opened checking accounts at Sécond Commercial Bank and negotiated a short-term line of credit of up to

at the bank's prime rate (

at the time). The company will pay no commitment fees. b. On October 1, borrowed

million cash from Second Commercial Bank under the line of credit and issued a five-month promissory note. Interest at the prime rate of

was payable at maturity. Management planned to issue 10 -year bonds in February to repay the note. c. Recelved

of refundable deposits in Decembel for reusable containers used to transport and store chemical-based products. d. For the September-December period, sales on account totaled

. The state sales tax rate is

and the local sales tax rate is

. (This is a summary journal entry for the many individual sales transactions for the period.) e. Recorded the adjusting entry for accrued interest. Reterences 2025 f. In March, paid the entire amount of the note on its March 1 due date, using proceeds from a February is$uance of

million of 10-year bonds at face value, along with other available cash, g. The storage containers covered by refundable deposits are expected to be returned during the first nine months of the year. Half of the containers were returned in March 2025. Required: Prepare the appropriate journal entries for items a-g. Prepare the current and long-term liability sections of the December 31, 2024, balance sheet. Trade accounts payable on that date were

. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for items a-g. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. Journal entry worksheet 1 2 3 4 5 6 7 8 Record opening of checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to

at the bank's prime rate (

at the time). The company will pay no commitment fees. Note: Enter debits before credits. \table[[Transaction,General Journal,Debit,Credit],[

,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]