The January 1 , Year 1 trial balance for the King Company is found on the trial balance tab. The beginning balances are assumed. Martin Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $53,250 of merchandise on credit from wilson, terms n/30. May 19 Replaced the April 20 account payable to wilson with a 90-day, 68, $37,000 note payable along with paying $16,250 in cash. July 8 Borrowed $87,000 cash from NMR Bank by signing a 120-day, 68, $87,000 note payable. August 17 Paid the amount due on the note to wilson at the maturity date. November 5 Paid the amount due on the note to NMR Bank at the maturity date. November 28 Borrowed $81,000 cash from Rochester Bank by signing a 60-day, 128, $81,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. Year 2 January 27 Paid the amount due on the note to Rochester Bank at the maturity date. General Journal tab - Journalize the transactions related to the notes and accounts payable of Martin Co. 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. Journal entry worksheet 4567 April 20. Purchased $53,250 of merchandise on credit from Wilson, terms n/30. Note: Enter debits before credits. Journal entry worksheet May 19. Replaced the April 20 account payable to Wilson with a 90-day, 6\%, $37,000 note payable along with paying $16,250 in cash. Note: Enter debits before credits. Journal entry worksheet 7 July 8. Borrowed $87,000 cash from NMR Bank by signing a 120 -day, 6%, $87,000 note payable. Note: Enter debits before credits. Journal entry worksheet August 17. Paid the amount due on the note to Wilson at the maturity date. Note: Enter debits before credits. Journal entry worksheet 1 November 5. Paid the amount due on the note to NMR Bank at the maturity date. Note: Enter debits before credits. Journal entry worksheet 2 November 28. Borrowed $81,000 cash from Rochester Bank by signing a 60day, 12%,$81,000 note payable. Note: Enter debits before credits. Journal entry worksheet 4 December 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. Note: Enter debits before credits. 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. Prepare the January 27, Year 2 journal entry to record the payment of the Rochester note at matur NOT prepare reversing entries