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The January 1, Year 1 trial balance for the Garcia Company is found on the trial balance tab. The beginning balances are assumed. Turner 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 $44,250 of merchandise on credit from Wright, terms 1/30. 19 Replaced the April 20 account payable to Wright with a 90-day, 128, $39,000 note payable along with paying $5,250 in cash. 8 Borrowed $185,000 cash from COR Bank by signing a 120-day, 6, $105,008 note payable. 17 Paid the amount due on the note to Wright at the maturity date. 5 Pald the amount due on the note to CDR Bank at the maturity date. 28 Borrowed 566,000 cash from Rochester Bank by signing a 60-day, 10, 566,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. Year 2 Jan. 27 Paid the amount due on the note to Rochester Bank at the naturity date. General General Schedule of Calculation of Requirement Year 2 Journal Ledger Thal Balance Payables Interest 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. View transaction list Journal entry worksheet 2 5 6 7 Apr. 20. Purchased $44,250 of merchandise on credit from Wright, terms 1/30. Turner uses the perpetual Inventory system. Prev 1 of 1 Next Turner Co. entered into the following transactions involving short-term lioblities, (Use 360 days a year.) Year 1 Apr: May July Aug. Nov. Nov. Dec. 20 Purchased $44,250 of merchandise on credit from Wright, terms 1/30. 19 Replaced the April 20 account payable to Wright with a 90-day, 12N, $39,000 note payable along with paying $5,250 in cash. 8 Borrowed $105,000 cash from CDR Bank by signing a 120-day, 64, $105,000 note payable. 17 Paid the amount due on the note to Wright at the maturity date. 5 Paid the amount due on the note to CDR Bank at the maturity date. 28 Borrowed $66,000 cash from Rochester Bank by signing a 60-day, 104, $66,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. Year 2 Jan. 27 Paid the amount due on the note to Rochester Bank at the maturity date. General General Requirement Schedule of Calculation of Journal Year 2 Ledger Trial Balance Payables Interest payment 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. Tumer Co. Calculation of Interest expense August 17. Wright note: Principal Interest rate Number of days' interest to be recorded in Year 1 Prey 1 of 1 Next Requirement Journal Ledger Trial Balance Payables Interest payment 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. Turner Co. Calculation of Interest expense August 17 - Wright note: Principal Interest rate Number of days' interest to be recorded in Year 1 Total interest expense - Year 1 $ 0
