GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Gonzalez Company is found on the trial balance tab. The beginning balances are assumed. Wright Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. 20 Purchased $42,250 of merchandise on credit from Hall, terms n/30. 19 Replaced the April 20 account payable to Hall with a 90-day, 8%, $39,000 note payable along with paying $3,250 in cash. 8 Borrowed $93,000 cash from NOR Bank by signing a 120-day, 123, 593, 000 note payable. 17 Paid the amount due on the note to Mall at the maturity date. 5 Paid the amount due on the note to MOR Bank at the saturity date. 28 Borrowed $54,000 cash from Sacramento Bank by signing a 60-day, 12%, $54,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank. Dec. Jan. 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 Prepare the January 27, Year 2 journal entry to record the payment of the Sacramento note at maturity. Gonzalez Company does NOT prepare reversing entries Date 1/27/Year 2 Account title interest expense Credit Interest payable Notes payable - Sacramento Cash Debit 4681 612 54,000 55,080