GL901 - Based on Problem 9-1A LO C2, P1 The January 1. Year 1 trial balance for the Lee Company is found on the trial balance tab. The beginning balances are assumed. Collins Co. entered into the following transactions involving short-term liabilities (Use 360 days a year.) Year 2 Apr: May July Aug Nov. Nov. Dec. 20 Purchased 545,258 of merchandise on credit from Mitchell, terus 30. 19 Replaced the April 20 account payable to Mitchell with 90 day, 103, 537,000 note payable along with paying $5,250 in Cash, 8 Borrowed $111.000 cash from NVR Bank by signing a 120 day, 103, 5111,000 note payable. 17 Paid the amount due on the note to Mitchell at the naturity date. 5. Pald the anount due on the note to NYR Bank at the maturity date. 28 Borrowed $72,000 cash from Sacramento Hank by signing a coday, 6, $72,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank Year 2 Jan 27 Paid the amount dur on the note to Sacramento Bank at the maturity date, Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment General Journal tab. Prepare the Year 1 journal entries related to the notes and accounts payable of Collins 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, Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity, General Journal >