The January 1, Year 1 trial balance for the Garcia Company is found on the trial balance tab. The beginning balances are assumed. Garcia Company entered into the following transactions involving short-term liabilities. Note: Use 360 days a year. Year 1 April 20 Purchased $44, 250 of merchandise on credit from Wright, terms n/30. May 19 Replaced the April 20 account payable to Wright with a 90-day, 12 %, $39,000 note payable along with paying $5,250 in cash. July 8 Borrowed $105,000 cash from CDR Bank by signing a 120-day, 6%, $105, 000 note payable. August 17 Paid the amount due on the note to Wright at the maturity date. note to CDR Bank at the maturity date. November 5 Paid the amount due on the November 28 Borrowed $66,000 cash from Rochester Bank by signing a 60-day, 10 %, $66,000 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. Requirement General Journal General Ledger View transaction list Trial Balance Schedule of Calculation of Payables Interest Prepare the journal entries related to notes and accounts payable. accuracy of your entries. 1 Year 2 payment Hint: Use the "Calculation of Interest" tab to ensure the

The January 1, Year 1 trial balance for the Garcia Company is found on the trial balance tab. The beginning balances are assumed. Garcia Company entered into the following transactions involving short-term liabirties. Note: Use 360 days a yeat Year 1 Apri1:20 Purchased $44,250 of merchandise on credit from wright, teres n/30. May 19 Replaced the April 20 account payable to wright with a 90 -day, 12%,539,000 note payable along with paying $5,250 in cash. July 8 Borrowed $105,000 Cash from CDR Bank by signing a 120-day, 6x, $105,000 note payable. August 17 Paid the amount due on the note to Wright at the maturity date. November 5 Paid the anount due on the note to CDR Bank at the naturity date. November 28 Borrowed 566,000 cash from Rochester Bank by signing a 60 -day, 10%,566,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the noto to Rochester Bank. Year 2 January 27 Paid the anount due on the note to Rochester Bank at the maturity date. Prepare the fournal entries refated to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accurecy of your entries. Journal entry worksheet 2,345,6 April 20. Purchased $44,250 of merchandise on credit from Wright, terms n/30. Note: Enter debits before credits. Journal entry worksheet 7 May 19. Replaced the April 20 account payable to Wright with 90 -day, 12%, $39,000 note payable along with paying $5,250 in cash. Note: Enter debits before credits. Journal entry worksheet 4 5 7 July 8. Borrowed $105,000 cash from CDR Bank by signing a 120 -day, 6%, $105,000 note payable. Note: Enter debits before credits. Journal entry worksheet (1) =2 6 7 August 17. Paid the amount due on the note to Wright at the maturity date. Note: Enter debits before credits. Journal entry worksheet (1) :2,3 7 November 5. Paid the amount due on the note to CDR Bank at the maturity date. Note: Enter debits before credits. Journal entry worksheet (1) +2 7 November 28. Borrowed $66,000 cash from Rochester Bank by signing a 60 day, 10%,$66,000 note payable. Note: Enter debits before credits. Journal entry worksheet (1) :2,3:4 December 31 Recorded an adjusting entry for accrued interest on the note to Rochester Bank. Note: Enter debits before credits. January 27 Paid the amount due on the note to Rochester Bank at the maturity date. General Ledger Account Year 2 January 27 Paid the amount due on the note, to Rochester Bank at the maturity date. No input required. Year 2020 represents Year 1 from the problem statement. Year 2 January 27 Paid the amount due on the note, to Rochester Bank at the maturity date. Here are the balances in Accounts and Notes payable based on your journal entries: Year 2 January 27 Paid the amount due on the note to Rochester Bank at the maturity date. Prepare the Jenuary 27, Year 2 journal entry to record the payment of the Rochester note at matu does NOT prepare reversing entries