Complete journal entries 1-7 please and thank you GL901 (Algo) - Based on Problem 09-1A LO P1The January 1, Year 1 trial balance for the Lewis Company is found on the trial balance tab. The beginning balances are assumed.Carter Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.)Year 1April 20 Purchased $42,750 of merchandise on credit from Griffin, terms n/30.May 19$6,750 in cash.Replaced the April 20 account payable to Griffin with a 90-day, 12%, $36,000 note payable along with payingJuly 8 Borrowed $96,000 cash from MMR Bank by signing a 120-day, 6%, $96,000 note payable.August 17 Paid the amount due on the note to Griffin at the maturity date.November 5 Paid the amount due on the note to MMR Bank at the maturity date.November 28 Borroved $57,000 cash from Austin Bank by signing a 60-day, 81, $57,000 note payable.December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank.Year 2January 27 Paid the amount due on the note to Austin Bank at the maturity date.RequirementGeneralJournalView transaction listJournal entry worksheetApril 20GeneralLedgeraccuracy of your entries.Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the2Record entryTrial BalanceClear entry7April 20. Purchased $42,750 of merchandise on credit from Griffin, terms n/30.Schedule ofPayables< RequirementCalculation ofInterestDebitCreditMộtView general journalYear ZpaymentGeneral Ledger >BurePrev1 of 1NextMacBook Air

Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

GL901 (Algo)-Based on Problem 09-1A LO P1 The January 1, Year 1 trial balance for the Lewis Company is found on the trial balance tab. The beginning balances are assumed. Carter Company entered into the following transactions involving short-term liabilities. (Use 360 days a year.) Year 1 April 20 Purchased $42,750 of merchandise on credit from Griffin, terms n/30. May 19 Replaced the April 20 account payable to Griffin with a 90-day, 128, $36,000 note payable along with paying $6,750 in cash. July 8 Borrowed $96,000 cash from MR Bank by signing a 120-day, 58, 596,000 note payable. August 17 Paid the amount due on the note to Griffin at the maturity date. amount due on the note to NMR Bank at the maturity date. November 5 Paid the November 28 Borrowed $57,000 cash from Austin Bank by signing a 60-day, 88, $57,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Austin Bank. Year 2 January 27 Paid the amount due on the note to Austin Bank at the maturity date. Requirement View transaction list General Journal < Journal entry worksheet 1 Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries. Date April 20 General Ledger 2 Note: Enter debits before credits. Record entry 3 4 Trial Balance 5 April 20. Purchased $42,750 of merchandise on credit from Griffin, terms n/30. Account Title 6 Clear entry 7 Schedule of Payables < Requirement Calculation of Interest Debit Credit View general journal Year 2 payment General Ledger > >

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...