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question on march 2 2016 acc 211 signed an agreement for a line of credit with the u 4292868

Question

On March 2, 2016, ACC 211 signed an agreement for a line of credit with the UIS Bank. Under the agreement, ACC 211 can borrow up to $50,000 at any time during the following year. ACC 211 will make any borrowings or repayments on the first day of a month and make interest payments on the last day of any month when a balance exists. The annual interest rate will be the bank's prime rate plus 2% and will be applied to the outstanding monthly balance. The following table gives the appropriate information for April, May, and June of 2016. Month Amount borrowed or (repaid) Prime rate April 15,000 4.5% May 20,000 4% June (25,000) 5%

Record all necessary journal entries on the dates indicated in the table. Round figures to the nearest dollar.

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