The January 1, Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. Perry Company entered into the following transactions involving short-term liabilities. Note: Use 360 days a year. Year 1 April 20 Purchased $53,750 of merchandise on credit from Garcia, terms n/30. May 19 Replaced the April 20 account payable to Garcia with a 90-day, 10%, $38,000 note payable along with paying $15,750 in cash. July 8 Borrowed $90,000 cash from AKR Bank by signing a 120-day, 9%, $90,000 note payable. amount due on the note to Garcia at the maturity date. August 17 Paid the November 5 Paid the amount due on the note to AKR Bank at the maturity date. November 28 Borrowed $45,000 cash from Albany Bank by signing a 60-day, 8%, $45,000 note payable. December 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. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of Interest Year 2 payment 8 Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.

The January 1, Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. Perry Company entered into the following transactions involving short-term liabilities. Note: Use 360 days a year. Year 1 April 20 Purchased $53,750 of merchandise on credit from Garcia, terms n/30. May 19 Replaced the April 20 occount payable to Garcia with a 90 -day, 10s,538,000 note payable along with paying $15,750 in cash. July 8 Borrowed $90, 000 cash from AKR eank by signing a 120-day, 9v,$90,000 note payable. Aupust 17 Paid the amount due on the note to Garcia at the maturity date. Novenber 5 Paid the amount due on the note to AKR Bank at the maturity date. Novenber 28 Borrowed $45,000 cash from Albany 8 ank by signing a 60-day, 85, $45,000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Albany alank. Year 2 January 27 Paid the anount due on the note to Albany Bonk at the maturity date. Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries