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The January 1, Year 1 trial balance for the Taylor Company is found on the trial balance tab. The beginning balances are assumed. Perry Company

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The January 1, Year 1 trial balance for the Taylor Company is found on the trial balance tab. The beginning balances are assumed. Perry Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) OM Year 1 April 20 Purchased $46,758 of merchandise on credit from Parker, terms n/30. May 19 Replaced the April 20 account payable to Parker with a 90-day, 109, $36,000 note payable along with paying $10,75% in cash. July 8 Borrowed $84.000 cash from AKR Bank by signing a 120-day, 109, $84,000 note payable. August 17 Paid the amount due on the note to Parker at the maturity date. November 5 Paid the amount due on the note to AKR Bank at the maturity date. November 28 Borrowed $81,000 cash from Chicago Bank by signing a 60-day, 89, $81,200 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 January 27 Paid, the anount due on the note to Chicago Bank at the naturity date. Requirement General Journal General Ledger Tral Balance Schedule of Calculation of Payables interest Year 2 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 View transaction Journal entry worksheet equirement General Journal General Ledger Trial Balance Payables Interest payment Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation accuracy of your entries. View transaction list Journal entry worksheet View transaction list Journal entry worksheet , 2 5 6 November 5. Paid the amount due on the note to AKR Bank at the maturity date. Note: Enter debits before credits. Deblt Credit Date Account Title November 05 Notes payable - AKR Bank Interest expense Cash Record entry Clear entry View general Journal View transaction list Journal entry worksheet @ Journal entry worksheet 3 5 6 December 31 Recorded an adjusting entry for accrued Interest on the note to Chicago Bank Note: Enter debits before credits Date Account Title Debit Credit December 31 Interest expense interest payable Record entry Clear entry View general Journal Requirement Deneral Ledger >

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