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. August 17 Paid the amount due on the note to Garcia at the maturity date. 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 Calculation of Payables Interest Year 2 payment General Journal tab Journalize the transactions related to the notes and accounts payable of Perry Company. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Calculation of interest tab Use the interest formula (P x R x T) to verify the amount of interest recorded in your entries. Verify that total interest expense agrees with the trial balance. Year 2 payment tab Prepare the January 27, Year 2 entry to record the repayment of the note at maturity. 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. August 17 Paid the amount due on the note to Garcia at the maturity date. 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 Calculation of Payables Interest Year 2 payment No input required. Year 2020 represents Year 1 from the problem statement. Perry Company 222 Cashi Merchandise inventory Common stock- Total Trial Balance January 01, 2021 Account Title Debit Credit $ 43,500 8,000 51,500 51,500 $ 51,500