Question

GL901 - Based on Problem 9-1A LO C2, P1 The January 1, Year 1 trial balance for the Walsh Company is found on the trial balance tab. The beginning balances are assumed. Taylor Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year Apr. May July Aug. Nov. Nov. Dec. 20 Purchased $54,250 of merchandise on credit from Parker, terms n/30. 19 Replaced the April 20 account payable to Parker with a 90-day, 12%, $39,000 note payable along with paying $15, 250 in cash. 8 Borrowed $93,000 cash from NBR Bank by signing a 120-day, 10%, $93,000 note payable. 17 Paid the amount due on the note to Parker at the maturity date. 5 Paid the amount due on the note to NBR Bank at the maturity date. 28 Borrowed $48,000 cash from Sacramento Bank by signing a 60-day, 8%, $48,000 note payable. 31 Recorded an adjusting entry for accrued interest on the note to Sacramento Bank. Year Jan. 27 Paid the amount due on the note to Sacramento Bank at the maturity date. Requirement General Journal General Ledger Trial Balance Schedule of Payables Calculation of 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 list