1Apr 20,2014 Merchandise irventory 38,000 36,000 Tyrell Co entered into the following transactions invalving shorcerm labilities in 2014 and 2015 2 May 19, 2014 Accounts payable-Locust Notes payable Locust 6,000 2014 35,000 Apr. 20 Purchased S36,CCO of merchandise an credit from Locust, terms are 1/10n/30 Trell uses the May 19 Replaced the April 20 account payable to Locust with a 90-day, $35.000 note bearing 7% annual July 8 Borrowed $57000 cash from National Bank by signing a 120-day, 12% interest-bearing note with a 1,000 perpetual Inventory system. interest along with peying $1000 in cash. face valuc of $57,000. 3Jul08, 2014 Caah 57,000 Noles payable Nationa Bank 57,000 ?Paid the amount due on the note to Locust at the maturity date. 4Au17, 2014 Nates payable Loost ?-Paid the amount due on the note to National Bank at the maturity date. Nov. 28 Borrowed $27,000 cash from Fargo Bank by signing u 60-day, 9% interest-bearing note with a interest expensc face valuc of $27,000. Dec. 31 Recorded an adjusting entry for accrued interest an the note to Fargo Bank 5Nov 06, 2014 Notee payable National Bank 57,000 6,84D 2015 -2-Paid the armourt due on the note1D Farga Bank at the maturity date. interast axpansa 63,840 Nov 28, 2014 Cash 27,UUU 2. Detemine the interest due at maturity for each of the three notes. (Do not round your intermedlate calculations. Use 360 days a year.) Noies payable-Fargo Bank 27,000 7Dec 31, 2014nterest experse Interest payable Principal x Rate Time Interest 35,0001 Lacust National Bank Fargo Bantk 12% ). 120/360- $ S 57.000 x $ 27,000 2,200 9| % |x 60.3601 405: Journal entry worksheet 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2014. (Do not round your intermediate calculations Round your final answer to nearest whole dollar. Use 360 days a year.) Paid the amount due on the rote to Fargo Bank at the maturity date r end accrual required for Fargo Bank x Rate Time =|Interest Interest to be accrued in 2014 % |x[ 33/3601= $ 223 4. Determine! the interest texpensa tube retardent in 2015(Do not round intermediate calculations and Jan 27. 2015 payakla-Fargo hank round your final answers to nearest whole dollar. Use 360 days a year. nlerest payatle r end accrual required for: Fargo Bank x Rate Time Interest Interest to be recorded in 2015 Record entry Clear entry View general journal