33 The January 1, Year 1 trial balance for the Taylor Company is found on the trial balance tab. The beginning balances are assumed. Perry Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $46,750 of merchandise on credit from Parker, terms n/30. May 19 Replaced the April 20 account payable to Parker with a 90-day, 10%, $36,000 note payable along with paying $10,750 in cash. July 8 Borrowed $84,000 cash from AKR Bank by signing a 120-day, 10%, $84,000 note payable. August 17 Paid the amount due on the note to Parker at the maturity date. November 5 Paid the amount due on the note to AKR Bank at the maturity date. November 28 Borrowed $81,000 cash from Chicago Bank by signing a 60-day, 8%, $81,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid the amount due on the note to Chicago Bank at the maturity date.