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The January 1, 2016 trial balance for the Carter Company is found on the trial balance tab. The beginning balances are assumed. Gonzalez Co. entered

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The January 1, 2016 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 in 2016 and 2017 (Use 360 days a year.) 2016 Apr. 20 Purchased $49,750 of merchandise on credit from liguyen, terms are n/30. Gonzalez uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Nguyen with a 90-day, $38,000 note bearing 8% annual interest along with paying $11,750 in cash. July 8 Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10% interest-bearing note with face value of $102,000. Aug. 17 Paid the amount due on the note to Nguyen at the maturity date. Nov. 5 Paid the amount due on the note to NMR Bank at the maturity date. Nov. 28 Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6% interest-bearing note with a face value of $60,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank 2017 Jan. 27 Paid the amount due on the note to Chicago Bank at the maturity date. Requirement General Journal General Ledger Trial Balance hedule of Payables Payables Calculation of 2012 Interest nent General Journal tab - Prepare the 2016 journal entries related to the notes and accounts payable of Gonzalez Co. Calculation of interest tab - Use the interest formula (PxRxT) to verify the amount of interest recorded in your entries. Verity that total interest expense agrees with the trial balance 2017 payment tab - Prepare the January 27, 2017 entry to record the repayment of the note at maturity. General Journal > Requirement General General Schedule of Journal Trial Balance Ledger Calculation of 2 Payables of 2017 payment Interest Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Inte accuracy of your entries. View transaction list Journal entry worksheet

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