13 Required information [The following information applies to the questions displayed below.] Part 5 of 5 Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017 7.72 points 2016 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. 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. 2017 _?__ Paid the amount due on the note to Fargo Bank at the maturity date. 13 Answer is complete but not entirely correct. Credit No 1 Date Apr 20, 2016 General Journal Merchandise inventory Accounts payable-Locust Debit 38,000 Part 5 of 5 38,000 2 7.72 points May 19, 2016 38,000 Accounts payable-Locust Cash Notes payable-Locust 3,000 35,000 3 Jul 08, 2016 60,000 Cash Notes payableNBR Bank 60,000 4 Aug 17, 2016 Notes payableLocust Interest expense Cash 35,000 690 35,690 5 Nov 05, 2016 Notes payable-NBR Bank Interest expense Cash 60,000 2,170 2,170 6 Nov 28, 2016 24,000 Cash Notes payableFargo Bank 24,000 7 Dec 31, 2016 174 Interest expense Interest payable 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 Credit 1 Jan 27, 2017 Notes payableFargo bank Interest payable Debit 24,000 174 x 142 X Interest expense Cash 24,316 X