please HELP!!! answer all parts
The January 1, Year 1 trial balance for the Carter Company is found on the trial balance tab. The beginning balances are assumed. Gonzalez Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash. 8 Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10%, $102,000 note payable. 17 Paid the amount due on the note to Nguyen at the maturity date. 5 Paid the amount due on the note to NMR Bank at the maturity date. 28 Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6%, $60,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 Jan. 27 Paid the amount due on the note to Chicago Bank at the maturity date. Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. No Debit Credit Date Apr 20 1 Account Title Merchandise inventory Accounts payable - Nguyen 49.750 DO 49,750 2 May 19 49.750 Accounts payable - Nguyen Notes payable - Nguyen Cash 38,000 11,750 3 Jul 08 Cash 102,000 ol Notes payable - NMR Bank 102,000 4 Aug 17 Notes payable - Nguyen Interest expense Cash 38,000 760 0 38,760 5 5 Nov 05 Notes payable - NMR Bank Interest expense Cash 000 102,000 3,400 solo 105,400 6 Nov 28 0 60.000 Cash Notes payable - Chicago 60,000 7 7 Dec 31 330 Interest expense Interest payable 330 I rozu CHIC OIL WUC HI CHIC HOLE LUCILLOGU VAIN OL LIC HOLUI EL VOLC. Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 2 payment General Ledger Account Cash Debit Merchandise inventory Debit Credit No. Credit No. Date Jan 01 Apr 20 Balance 7,500 57,250 11,750 1 49,750 2 2 3 Date Jan 01 May 19 Jul 08 Aug 17 Nov 05 Nov 28 102,000 Balance 48,000 36,250 138,250 99,490 (5.910) 54,090 4 38,760 105,400 5 6 60,000 Interest payable Accounts payable - Nguyen Debit Credit No. No. Debit Credit Date Jan 01 Apr 20 May 19 Balance 0 49.750 Date Jan 01 Dec 31 Balance 0 330 49,750 - 7 330 1 2 49.750 0 Notes payable - Chicago Debit Credit Notes payable - Nguyen Debit Credit No. No. Date Jan 01 Nov 28 Balance 0 60,000 Date Jan 01 May 19 Balance 0 38,000 0 6 60,000 2 38,000 4 Aug 17 38,000 Notes payable - NMR Bank Debit Credit Carter, Capital Debit Credit No. No. Balance 102.000 Date Jan 01 Date Jan 01 Jul 08 Nov 05 Balance 55,500 3 3 5 102,000 102,000 0 Interest expense Debit Credit No. Date Jan 01 4 Aug 17 Balance 0 760 4.160 4.490 5 7 760 3.400 330 Nov 05 Dec 31 Answer is not complete. Requirement General Journal General Ledger Trial Balance Schedule of Calculation of Payables Interest Year 2 payment No input required. Year 2018 represents Year 1 from the problem statement. Carter Company Trial Balance December 31, 2018 , Account Title Credit $ Debit 54,090 57 250 Cash Merchandise inventory Interest payable Notes payable - Chicago Carter, Capital interest expense Total 330 60,000 55,500 4.490 115,830 $ 115,830 Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Here are the balances in Accounts and Notes payable based on your journal entries: Gonzalez Co. Schedule of Accounts Payable Total accounts payable $ 0 Gonzalez Co. Schedule of Notes Payable Notes payable - Chicago 60,000 Total notes payable $ 60,000 Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify expense agrees with your journal entries and the trial balance. Gonzalez Co. Calculation of interest expense August 17 - Nguyen note: Principal Interest rate $ 60,000 6.0% 600 $ 6,000 Number of days' interest to be recorded in Year 1 Interest - Principal x rate x days/360 = November 5 - NMR Bank note: Principal Interest rate Number of days' interest to be recorded in Year 1 Interest = Principal x rate x days/360 = Total interest expense - Year 1 $ 6,000 January 27, Year 2 - Interest expense - Chicago note: Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment Prepare the January 27, Year 2 journal entry to record the payment of the Chicago note at maturity. Carter Company does NOT prepare reversing entries. Date Account title Debit Credit 1/27/Year 2 Calculation of Interest Year 2 payment
