he January 1 , Year 1 trial balance for the King Company is found on the trial balance tab. The beginning balances are assumed. Martin Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) lear1 April 20 Purchased $53,250 of merchandise on credit from Wilson, terms n/30. May 19 Replaced the April 20 account payable to Wilson with a 90 -day, 68, \$37,000 note payable along with paying $16,250 in cash. July 8 Borrowed $87,000 cash from NMR Bank by signing a 120-day, 68, \$87,000 note payable. August 17 Paid the amount due on the note to wilson at the maturity date. November 5 Paid the amount due on the note to NMR Bank at the maturity date. ovember 28 Borrowed $81,000 cash from Rochester Bank by signing a 60 -day, 128, $81,000 note payable. ecember 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. lear 2 anuary 27 Paid the amount due on the note to Rochester Bank at the maturity date. Here are the balances in Accounts and Notes payable based on your journal entries