GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Duerr Company is found on the trial balance tab. The beginning balances are assumed. Lee Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $52,750 of merchandise on credit from Walker, terms n/30. 19 Replaced the April 20 account payable to walker with a 90-day, 8%, $36,000 note payable along with paying $16,750 in cash. 8 Borrowed $84,000 cash from NJR Bank by signing a 120-day, 10%, $84,000 note payable. 17 Paid the amount due on the note to Walker at the maturity date. 5 Paid the amount due on the note to NJR Bank at the maturity date. 28 Borrowed $78,000 cash from Chicago Bank by signing a 60-day, 8%, $78,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General Journal General Ledger Thal Balance Year 2 payment Calculation of Interest Payables Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. Prev 1 of 1 Next Journal entry worksheet 2 3 4 5 Apr. 20. Purchased $52,750 of merchandise on credit from Walker, terms 1 30. Lee uses the perpetual inventory system. Note: Enter debits before credits. Account Title Debit Credit Date Apr 20 View general journal Record entry Clear entry Requirement General Ledger > 1 of 1 !!! Next Lee Co. Calculation of interest expense August 17 - Walker note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense - Year 1 Grow HI Prev 1 of 1 i Next