The January 1, Year 1 trial balance for the Clark Company is found on the trial balance tab. The beginning balances are assumed. Sanchez Company entered into the following transactions involving short-term liabilities, (Use 360 days a year.) Year 1 April 20 Purchased $41,750 of merchandise on credit from Taylor, terms n/30. May 19 Replaced the April 20 account payable to Taylor with a 90 day, 108, $38,600 note payable along with paying $3,750 in cash. July 8 Borrowed $90,800 cash from NYR Bank by signing a 120-day, 94, $90,060 note payable. August 17 Paid the amount due on the note to Taylor at the Baturity date. November 5 Paid the anount due on the note to NYR Bank at the maturity date. November 28 Borrowed $51,060 cash from Albany Bank by signing a 60-day, 89,$51,060 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 January 27 Paid the amount due on the note to Albany Bank at the maturity date. Journal entry worksheet