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Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation o accuracy of your entries. Journal entry worksheet 2sin3 7 April 20. Purchased $51,750 of merchandise on credit from Gonzalez, terms n/30. Note: Enter debits before credits. The January 1, Year 1 trial balance for the Parker Company is found on the trial balance tab. The beginning balances are assumed Parker Company entered into the following transactions involving short-term llabllities Note: Use 360 days a year. Year 1 April 20 Purchased $51,750 of merchandise on credit from Gonzalez, teras n/3e. May 19 Replaced the April 20 account payable to Gonzolez with a 90 -day, 10%,$38,6ee note payable along with paying $13,75e in cash. July 8 Borroved $114, 000 cash from MTR Bank by signing a 120 -day, 68,$114,000 note payable, August 17 Paid the anount due on the note to Gonzalez at the maturity date. November 5 Paid the anount due on the note to MTR Bank at the maturity date. November 28 Borrowed $72,6e cash fron Austin Bank by signing a 6e-day, 12\%, $72,600 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the amount due on the note to Austin Bank ot the maturity date. General Journal tab - Journalize the transactions related to the notes and accounts payable of Parker Company. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Calculation of interest tab - Use the interest formula (PRT) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab - Prepare the January 27, Year 2 entry to record the repayment of the note at maturity. Year 1 Apr 1120 Purchased $1,750 of merchandise on credit froe Gonzalez, terns n/30. May 19 -Replaced the April 20 account payable to Gonzalez with a 9e-day, 20%,538,000 note payable along with paying 513,750 in cash. July 8 Borroved $114,000 cash from MTR. Bank by signing a 120 -day, 65,$114,000 note payable. August 17 Paid the anount due on the note to Gonzalez at the maturity date. Noveober 5 Paid the anount due on the note to MTR Bank at the maturity date. November 28 forroved $72,000 cash from Austin Bank by signing a 6e-day, 128, $72, 60e note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the amount due on the note to Austin llank at the aaturity date. Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees with your journal entries and the trial balance. Year 1 April 20 Purchased $51,750 of merchandise on credit from Gonzalez, terms n/3. May 19 Replaced the April 20 account payable to Gonzalez with a 90 -day, 10%,538,0e note payable along with paying $13,750 in cash. July 8 Borroved $114,ee cash from MTR Bank by signing a 12-day, 6%,$114,e note payable. August 17 Pald the anount due on the [ note to Gonzalez at the maturity date. November 5 Paid the amount due on the note to MTR Bank at the maturity date. Novenber 28 Borrowed $72,000 cash fron Austin Bank by signing a 60 -day, 12%,$72,000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the anount due on the note to Austin Bank at the maturity date. General Ledger Account Schedule of Payables Year 2 payment Year 1 Apri1 20 Purchased $51,750 of merchandise on credit froe Gonzalez, terns n/30. May 19 Replaced the April 20 account payable to Gonzalez with a 90day,10%,$38,000 note payable along with paying $13,750 in cash. July 8 Borrowed $114,090 cash froe MTR Bank by signing a 12-day, 6x,$114,000 note payable. August 17 paid the anount due on the note to Gonzalez at the maturity date. Novenber 5 Paid the asount due on the note to MTR Bank at the maturity date. Novenber 28 Borrowed $72, e9e cash from Austin 8ank by signing a 60 -day, 12x, $72,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the anount due on the note to Austin Bank at the maturity date. No input required. Year 2020 represents Year 1 from the problem statement. The January 1, Year 1 trial balance for the Parker Company is found on the trial balance tab. The beginning balances are assumed. Parker Company entered into the following transactions involving short-term liabilities. Note: Use 360 days a year. Year 1 April 20 Purchased $51,750 of merchandise on credit fron Gonzalez, terms n/30. May 19 Replaced the Apri1 20 account payable to Gonzalez with a 90 -day, 198, $38,000 note payable along with paying $13,750 in cash. "July 8 Borrowed $114, eee cash from MTR Bank by signing a 120-day, 6\%, $114,000 note payable. August 17 paid the amount due on the note to Gonzalez at the maturity date. November 5 Paid the anount due on the note to MTR Bank at the maturity date. November 28 Borroved $72, 00 e cash from Austin Bank by signing a 60 -day, 12x, $72,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the anount due on the note to Austin Bank at the maturity date. Prepare the January 27, Year 2 journal entry to record the payment of the Austin note at maturity. Parker Company does NOT prepare reversing entries. Year 1 April 26 Purchased $51,750 of nerchandise on credit from Gonzalez, terms n/3e. May 19 Replaced the April 20 account payable to Gonzalez with a 90 -day, 10%,$38, eee note payable along with paying $13,750 in cash. July 8 forrowed $114,000 cash from MTR Bank by signing a 120 -day, 6%,$114,000 note payable. August 17 Pafd the amount due on the note to conzalez at the maturity date. Novenber 5 Paid the amount due on the note to MTR Bank at the maturity date. Novenber 28 Borrowed $72,000 cash from Austin Bank by signing a 60 -day, 12X,$72,000 note payable. Decenber 31 Reconded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the anount due on the note to Austin Bank at the maturity date. Here are the balances in Accounts and Notes payable based on your journal entries