Business, 09.03.2021 05:00 LukeneedhelpInMath

The January 1, Year 1 trial balance for the Perry Company is found on the trial balance tab. The beginning balances are assumed. North Co. entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 Apr. 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. Aug. 17 Paid the amount due on the note to Garcia at the maturity date. Nov. 5 Paid the amount due on the note to AKR Bank at the maturity date. Nov. 28 Borrowed $45,000 cash from Albany Bank by signing a 60-day, 8%, $45,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Albany Bank. Year 2 Jan. 27 Paid the amount due on the note to Albany Bank at the maturity date.

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The January 1, Year 1 trial balance for the Perry Company is found on the trial balance tab. The beg...

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