The January 1, Year 1 trial balance for the Allen Company is found on the trial balance tab. The beginning balances are assumed. Brown Co, entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Ape May July Aug. Nov. Nov Dec. 20 Purchased $43,250 of merchandise on credit from King, terns n/30. 19 Replaced the April 20 account payable to king with a 90-day, 8%, $39.888 note payable along with paying 89,250 in cash 8 Borrowed $93,000 cash fron MTR Bank by signing a 120-day, 10%, $93,eee note payable. 17 Paid the amount due on the note to King at the naturity date. 5 Paid the amount due on the note to MTR Bank at the maturity date 28 Borrowed $51,800 cash from Sacramento Bank by signing a 60-day, sx, 551, ese note payable. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank Year 2 Jan. 27 pard the amount due on the note to Sacramento Bank at the maturity date. Answer is not complete. General General Trial Balance Schedule of Calculation of Requirement Year 2 Journal Ledger 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. No Date Account Title Debit Credit Apr 20 Merchandise inventory 48,250 Accounts payable - King 48,250 1 Answer is not complete. General Journal General Year 2 Requirement Schedule of Calculation of Trial Balance Ledger Payables Interest payment Enter the principal amount, Interest rate, and number of days of Interest to be recorded for each note. expense agrees with your journal entries and the trial balance. Brown Co. Calculation of interest expense August 17 - King note: Principal Interest rate ber of days' interest to be recorded in Year 1 Total interest expense - Year 1 0