(Solved): GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1 , Year 1 trial balance for the Wright Co ...

GL901 (Algo) - Based on Problem 09-1A LO P1 The January 1 , Year 1 trial balance for the Wright Company is found on the trial balance tab. The beginning balances are assumed. Clark Company entered into the following transactions involving short-term liabilities. (Use \( \mathbf{3 6 0} \) days a year.) Year 1 April 20 Purchased \( \$ 49,250 \) of merchandise on credit from Walsh, terms \( n / 30 \). May 19 Replaced the April 20 account payable to Walsh with a 90-day, \( 148, \$ 37,000 \) note payable along with paying \( \$ 12,250 \) in cash. July 8 Borrowed \( \$ 99,000 \) cash from NJR Bank by signing a 120-day, \( 98, \$ 99,000 \) note payable. August 17 Paid the amount due on the note to Walsh at the maturity date. November 5 Paid the amount due on the note to NJR Bank at the maturity date. November 28 Borrowed \( \$ 57,000 \) cash from Fargo Bank by signing a 60-day, 88, \( \$ 57,000 \) note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 January 27 Paid the amount due on the note to Fargo Bank at the maturity date. Answer is not complete. the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest ense agrees with your journal entries and the trial balance. Answer is not complete. Prepare the journal entries related to notes and accounts payable. Hint: Use the "Calculation of Interest" tab to ensure the accuracy of your entries.