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need general journal , schedule of payables,calculation of intrest and year 2 payments The January 1, Year 1 thal balance for the King Company is
need general journal , schedule of payables,calculation of intrest and year 2 payments
The January 1, Year 1 thal balance for the King Company is found on the trial balance tab. The beginning balances are assumed. King Company entered into the following transactions involving short-term liabilities Note: Use 360 days a year. Year 1 Apri1 20 Purchased $53,250 of merchandise on credit from wilson, terms n/30. May 19 Replaced the Apr11 20 account payable to Wilson wth a 90-day, 68, 537, eee note payable along with paying $16,250 In cash. July 8 Borrowed $87,000 cash from iask Bank by signing a 120 day, 68 , 587,060 note payable. August 17 Paid the asount due on the note to wilson at the aaturity date. Novenber 5 Pald the' asount due on the note to wh Bank at the naturity date. Novenber 28 Borrowed $81,000 cash from Rochester bank by 5 igning o 60 -day, 12x, $81,000 note payable. Decenber 31 Recorded on adjusting entry for accrued Interest on the note to flochester bank. Yeer 2 Jenuary 27 Pald the anount due on the note to Rochester bank at the maturity date. Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries Step by Step Solution
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