1 GL901 (Algo)- Based on Problem 09-1A LO P1 The January 1 Year 1 trial balance for the Carter Company is found on the tail balance tab. The beginning balances are assumed Carter Company entered into the following transactions involving shon term lab Note: Use 360 days a year. Year f Apr 30 Purchased $4,750 of merchant on credit fra Heyen, res May 13 placed the April a account payable to pay with a se-day, , $3,000 note payable along with paying $31,75 in ca August 17 Paid the amount due in the nate to yn at the matarily date. ver Pald the amount ave on the rate to eat the turity date. November 3 Borrowed $60,000 cash from Chicago By signing a so-day, 4, 500, nate payable. Deccorded an adjusting entry for accrued Interest on the rete t Pr Year 2 January 17 Paid the amount seen the nete to Chicage Bank at the maturity date. 4 Gener Tr Sch Payable Cacuation of Year 2 General anal tab Journalize the transactions related to the notes and accounts payable of Carter Company. The General Ledger al balance and Schedule of Payables be updated based on yours General Ledger tab-One of the advantages of general ledger software is that posting is done automatically. To the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab Trial Balance tab General ledger software also automates the preparation of trial balances Aerial balance lists each account from the General Ledges along with its balance, ether a debit or a credit. Toral debits should always equal total credits Calculation of interest tab Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries Very that total interest expense agrees with the trial balance Year 2 payment al Prepare the January 27, Year 2 vary to recand the repayment of the rate maturity