GL901- Based on Problem 9-1A LO C2, P1 The January 1,2016 trial balance for the Tuner Company is found on the trial balance tab. The beginning balances are assumed Wilson Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. (Use 360 days a year) 2016 Apr. 20 Purchased $51,250 of merchandise on credit from Clark, terms are n/30. Mi1aon uses the perpetual inventory May 19 Replaced the April 20 account payable to Clark with a 90-day, $37,000 note bearing 8 annual interest along with July 8 horrowed fin, cash from CDR Bank by signing a 120-day, 10, interest-bearing note with a face value of system paying $14,250 in cash $111,000. Aug. 17 Paid the amount due on the note to clark at the maturity date. Nov. 5 Paid the amount due on the note to CDR Bank at the maturity date. Nov. 28 Borroved $69,000 cash from interest-bearing note vith a face value of Sacramento Bank by signing a 60-day, 8 $69,000 Dec. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank. 2017 Jan. 27 Paid the amount due on the note to Sacramento Bank at the maturity date. GeneralTrial Balance Payables Ledger tion of 2017 payment Interest Schedule of General Journal General Journal tab- Prepare the 2016 journal entries related to the notes and accounts payable of Wilson Co. Calculation of interest tab-Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. 2017 payment tab - Prepare the January 27, 2017 entry to record the repayment of the note at maturity. General Journal ) Prev 1 of 1 ill Next