GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Allen Company is found on the trial balance tab. The beginning balances are assumed points Brown Co. entered into the following transactions involving short-tenih liabilities. (Use 360 days a year.) eBook Year 1 Apr. 20 Purchased $48,250 of merchandise on credit from King, terms n/3e. May 19 Replaced the April 2e account payable to king with a 90-day, 8%, $39,000 note payable along with paying $9, 250 in cash. July 8 Borrowed $93, eee cash from MTR Bank by signing a 120-day, 10%, 593, 000 note payable. Aug. 17 Paid the amount due on the note to King at the maturity date. Nov. 5 Paid the amount due on the note to MTR Bank at the maturity date. Nov. 28 Borrowed $51, eee cash from Sacramento Bank by signing a 60-day, 8%, $51,eee note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank. References Year 2 Jan. 270 27 Paid the amount due on the note to Sacramento Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment General Journal tab - Prepare the Year 1 journal entries related to the notes and accounts payable of Brown Co. Calculation of interest tab - Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity General Journal > Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. points View transaction list eBook Journal entry worksheet 1 Print 2 3 4 5 6 7 Apr. 20. Purchased $48,250 of merchandise on credit from King, terms n/30. Brown uses the perpetual inventory system. References Note: Enter debits before credits. Date Account Title Debit Credit Apr 20 Record entry Clear entry View general journal Requirement Joumal Ledger le balance Payables Interest payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest tab to ensure the accuracy of your entries. points View transaction list eBook Journal entry worksheet 2 3 4 5 6 7 May 19. Replaced the April 20 account payable to King with a 90-day, $39,000 note bearing 8% annual interest along with paying 59,250 in cash. References Note: Enter debits before credits. Date Account Title Debit Credit May 19 Record entry Clear entry View general journal Requirement General Joumal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. points View transaction list ebook Journal entry worksheet