GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Lewis Company is found on the trial balance tab. The beginning balances are assumed. Carter Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. 20 Purchased $42,750 of merchandise on credit from Griffin, terms n/30. May 19 Replaced the April 20 account payable to Griffin with a 90-day, 12%, $36,000 note payable along with paying $6,750 in cash. July 8 Borrowed $96,000 cash from NMR Bank by signing a 120-day, 6%, $96,000 note payable. Aug. 17 Paid the amount due on the note to Griffin at the maturity date. Nov. 5 Paid the amount due on the note to NMR Bank at the maturity date. Nov. 28 Borrowed $57,000 cash from Austin Bank by signing a 60-day, 8%, $57,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 Jan. 27 Paid the amount due on the note to Austin Bank at the maturity date. This is the last question in the assignment. To submit, use Alt + S. To access other questions, proceed to the question map button.Next Visit question mapQuestion 1 of 1 Total1 of 1 Prev