Question 1 [30 points]

Barton Corporation entered into the following transactions involving short-term liabilities during 2014 and 2015.

Prepare journal entries to record these transactions for Barton Corporation.

Question 1 [30 points) Barton Corporation entered into the following transactions involving short-term liabilities during 2014 and 2015. Prepare journal entries to record these transactions for Barton Corporation. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Round all amounts to the nearest cent. a. April 17: Barton Corporation purchased merchandise on credit from Star Inc., terms 2/30, n/90, $21,000. b. April 18 : $28,000 was borrowed from Royal Bank by signing a 11%, 60-day note. C. ? : The note to Royal Bank was paid at maturity. d. July 16: Barton Corporation paid $11,000 cash and replaced the $10,000 remaining balance of the account payable with Star Inc. for a 8%, 60-day note. e. ? The note to Star Inc. was paid at maturity f. December 12: $25,000 was borrowed from Scotia Bank by signing a 8%, 60-day note. g. December 31 : Recorded an adjusting entry of the accrual of interest on the note to Scotia Bank. h. ? : The note to Scotia Bank was paid at maturity General Journal Account/Explanation Page Gj1 Debit Credit Date + - + = + - + = + =