Check my work The January 1, 2016 trial balance for the Parker Company is found on the trial balance tab. The beginning balances are assumed Garcia Co entered into the following transactions involving short-term iabilities in 2016 and 2017. (Use 360 days a year) 2016 ApE. 20 Purchased $51,750 of merehandise on eredit from Gonzalez, terms are s/30. Garcia uses the perpetoal inventory May 19 Replaced the April 20 account payable to Gonzalez vith a 90-day. $38,000 note bearing 108 annual interest points systen. along with paying $13,750 in cash $114,000. July 8 Berrou 114,000 cash from R Bank by signing a 120-day, 61 interest-bearing note wieha tace value ot eBook Aug-17 Paid the anount due on the note to Gonzalez at the maturity date. Nov. s Paid the anount due on the sote to MTR Bank at the naturity date. Nov. 28 Dorroved $72,000 cash from Austin Bank by signing 60-day. 12 snterest-bearing note withface value ot 72,000 Dec. 31 Recorded an adjusting entry for acerued interest on the note to Austin Bank 017 Jan. 27 Paid the anount due on the note to Austin Bank at the naturity date. edger Trial Balance Schedule of Calculation of 2017 payment JournalLedgerTrial Belance Scule ofalculatien of Payables Intere Enter the prindpal amount, interest rate, and number of days of interest to be recorded for each note. Verily that interest expense agrees with your journal entries and the trial balance Garcia Co. Calculation of interest expense August 17-Gonzalez note Interest rate Number of days interest to be recorded in 2016 Total interest expense-2016 Schedule of Payables 2017 payment Prev 1 fNext Saved Help Save &ExitSubmit Check my work The January 1, 2016 trial balance for the Parker Company is found on the trial balance tab. The beginning balances are assumed Garcia Co. entered into the following transactions involving short-term Sabilities in 2016 and 2017 (Use 360 days a year.) Apr 20 Purchased $51.750 of merchandise on eredit from Gonzalez, terns are n/30. Garcia uses the perpetual inventory May 9 Replaced the April 20 account payable to Conzalez with a 90-day, $38,000 note bearing 10 annual incerest July BBoFFowed 5114.000 can foWTR Bank by signing 120-day, interest-bearing note wieh a face value ot points system along with paying $13,750 in cash $114,000 eBook Aug. 17 Paid the amount due on the note to Conzales at the saturity date. Nov. S Paid the anount due on the note to HTR Bank at the saturity date. Nov. 20 Borroved $72,000 cash trom astin Bank by signing0-day, 228 interest-bearing note with a face value of $72,000 PDee. 31 Recorded an adjusting enery for acerued interest on the note to ustin Bank 2017 Jan- 27 Paid the anount due on the note to Austin Bank a the naturity date References GeneralGeneralTrial alancePavablesInterest Schedule of Calculation of 2017 payment Requirement Journal Paya Prepare the January 27, 2017 journal entry to record the payment of the Austin note at maturity. Parker Company does NOT prepare reversing entries Account title DebitCredit 1/27/2017 Caleulation of Interest
