13 Part 5 of 5 | 7.72 points Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/38. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 8% annual interest along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $24,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. 13 2017 _7_ Paid the amount due on the note to Fargo Bank at the maturity date. Answer is complete but not entirely correct. No Date General Journal 1 Part 5 of 5 Apr 20, 2016 Merchandise inventory Accounts payable-Locust 7.72 points 2 May 19, 2016 Accounts payable-Locust Cash Notes payable-Locust Debit Credit 38,000 38,000 38,000 3,000 35,000 3 Jul 08, 2016 Cash 60,000 Notes payable--NBR Bank 60,000 4 Aug 17, 2016 Notes payable-Locust Interest expense Cash 35,000 690 35,690 5 Nov 05, 2016 Notes payable-NBR Bank 60,000 Interest expense 2,170 Cash 2,170 6 Nov 28, 2016 Cash 24,000 Notes payable-Fargo Bank 24,000 7 Dec 31, 2016 Interest expense Interest payable 174 174 5.2 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) Answer is complete but not entirely correct. No Date General Journal 1 Jan 27, 2017 Notes payable-Fargo bank Interest payable Interest expense Cash Debit Credit 24,000 ( 174 142 24,316