3 The January 1 Year 1 trial balance for the Hall Company is found on the trial balance tab The beginning balances are assumed Walsh Co. entered into the following transactions involving short term liabilities. (Use 360 days a year.) 11 ins Year 1 Apr. May book July 20 Purchased $47,250 of merchandise on credit fron Collins, terasa/30 19 Replaced the April 20 account payable to Collins with a 90-day, 12%, $37,000 note payable along with payinkt 510,250 in cash. Borrowed $87,000 cash from No Bank by signing a 120-day, 6, 547,000 note payable: 17. Pald the amount due on the note to Collins at the maturity date. 5 Paid the amount due on the note to NBR Bank at the saturity date. 28 Borrowed 545,000 cash from Rochester Bank by signing 60 day, a, 545,000 note payable 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank AUS Print Nov. Nov. Dec. Year 2 Jan. 27 Paid the amount due on the note to Rochester Bank at the naturity date. General General Schedule of Calculation of Year 2 Requirement Journal Ledger Trial Balance Payables Interest payment General Journal tab - Prepare the Year 1 joumat entries related to the notes and accounts payable of Walsh Co. Calculation of interest tab - Use the interest formula (PxRxT) 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, The January 1, Year 1 trial balance for the Hall Company is found on the trial balance tab. The beginning balances are assumed. Walsh Co. entered into the following transactions involving short-term Habilities. (Use 360 days a year.) Year 1 Apr. May July AUE Nov. Nov. Dec. ze Purchased $47,250 of merchandise on credit from Collins, terns n/30. 19 Replaced the April 2e account payable to Collins with a 90-day, 12%, $37,000 note payabie along with paying $10,250 in cash. 8 Borrowed $87,000 cash from NBR Bank by signing a 120-day, 6%, $87,000 note payable. 17 Paid the amount due on the note to Collins at the maturity date. 5 Paid the amount due on the note to NBR Bank at the maturity date. 28 Borrowed $45,000 cash from Rochester Bank by signing a 60-day, 3%, $45,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank, Year 2 Jan. 27 Paid the amount due on the note to Rochester Bank at the maturity date General General Schedule of Calculation of Year 2 Requirement Trial Balance Journal Ledger Payables Interest payment General Journal Lab - Prepare the Year 1 journal entries related to the notes and accounts payable of Walsh Co. Calculation of interest tab - Use the interest formula (P x RXT) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Vear 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity.