Part 2: A variety of transactions for current and long-term liabilities Use the Excel journal template to record the following liability transactions. Use Excel formulas in the cells to show your calculations.

Date	Transaction
Year 1
January 5	Purchased equipment for $100,000, signing a 9-month, 7% note payable.
January 26	Recorded the week's sales of $80,000, 70% on account and 30% cash. All sales are subject to a 6% sales tax.
February 7	Remitted last week's sales tax to the appropriate government agency.
May 1	Borrowed $150,000 on a 5-year, 8% note payable calling for annual interest payments beginning next May 1.
October 1	Issued $100,000 5-year, 10%, semiannual bonds payable. The bonds were issued at 105.
October 5	Paid off the January 5 note payable.
November 30	Purchased inventory at a cost of $7,200, signing a 3-month, 6% note payable for that amount.
December 31	Accrued warranty expense is estimated at 3% of total sales of $900,000 (assume the sales were already recorded).
December 31	Record accrued interest on all outstanding notes and bonds payable (make a separate journal entry for each).
Year 2
February 28	Paid off the November 6% inventory note plus interest at maturity.
April 1	Paid the interest due on the semi-annual bonds.
May 1	Paid the interest for one year on the long-term note payable.