9-18 The January 1. Year 1 trial balance for the Martin Company is found on the trial balance tab. The beginning balances are assumed. Duerr Company entered into the following transactions involving short-term liabilities. (Use 360 days a year) Year 1 April 20 Purchased $45,758 of merchandise on credit from Smith, teras n/30 May 19 Replaced the April 20 account payable to Smith with a 90-day, 12%, $38,000 note payable along with paying 57,750 in cash. July 8 Borrowed $114,000 cash from Nor Bank by signing a 120-day, 6, 5114,000 note payable August 17 Paid the amount due on the note to Smith at the maturity date. November 5 Paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed $75, eee cash from Austin Bank by signing a 60-day, 12%, $75,000 note payable December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank, Year 2 January 27 Paid the amount due on the note to Austin Bank at the maturity date. beneras Journal General Ledger Trial Balance Requirement Schedule or Payables Enter the principal amount interest rate, and number of days of interest expense agrees with your journal entries and the trial balance. August 17 - Smith note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense - Year 1 $