Instructions (a) Journalize the January transactions. (b) Journalize the adjusting entries at January 31 for (1) the outstanding notes payable qual 7% of sales of the new product. (Hint: Use one-third of a month for the Girard Bank ote (c) Prepare the current liabilities section of the balance sheet at January 31, 2017.As and (2) estimated warranty liability, assuming warranty costs are expected to e sume tal no change in accounts payable. P11-2A The following are selected transactions of Blanco Company. Jan. 2 Purchased merchandise on account from Nunez Company, $30,000, terms Blanco prepares ote lance financial statements quarterly 2/10, n/30. (Blanco uses the perpetual inventory system.) issued a 996, 2-month, $30,000 note to Nunez in payment of account. Accrued interest for 2 months on Nunez note. Paid face value and interest on Nunez note. Purchased equipment from Marson Equipment paying $11,000 in cash and signing a 10%, 3-month, $60,000 note. Accrued interest for 3 months on Marson note. Paid face value and interest on Marson note. Borrowed $24,000 from the Paola Bank by issuing a 3-month, 8% note face value of $24,000. Recognized interest expense for 1 month on Paola Bank note. Feb. 1 Mar. 31 Apr. 1 July 1 Sept. 30 Oct. 1 Dec. 1 with a Dec. 31