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GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Gonzalez Company is found on the trial
GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Gonzalez Company is found on the trial balance tab. The beginning balances are assumed. Wright Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $42,250 of merchandise on credit from Hall, terms n/30. 19 Replaced the April 20 account payable to Hall with a 90-day, 8%, $39,000 note payable along with paying $3,250 in cash. 8 Borrowed 593,000 cash from NJR Bank by signing - 120-day, 128, 593,000 note payable. 17 Paid the amount due on the note to Hall at the maturity date. 5 Paid the amount due on the note to NOR Bank at the maturity date. 28 Borrowed $54,000 cash from Sacramento Bank by signing 60-day, 12%, $54,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank. Year 2 Jan. 27 Paid the amount due on the note to Sacramento Bank at the maturity date. * Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the January 27, Year 2 journal entry to record the payment of the Sacramento note at maturity. Gonzalez Company does NOT prepare reversing entries. Date 1/27/Year 2 Debit Credit Account title Interest expense Interest payable Notes payable Sac
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