5.1 (1) - purchased $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system.

5.1 (2) - Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $2,500 in cash.

5.1 (3) - Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11% interest-bearing note with a face value of $60,000.

5.1 (4) - Paid the amount due on the note to Locust at the maturity date.

5.1 (5) - Paid the amount due on the note NBR Bank at the maturity date.

5.1 (6) - Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $24,000.

5.1 (7)- Record an adjusting entry for accrued interest on the note to Fargo Bank.

Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018. 2017 Apr. 20 Purchased $37, 500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $2,500 in cash. 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. May July Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7 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 2018 Paid the amount due on the note to Fargo Bank at the maturity date ?_ 5.1 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet K 1 2 3 6 4 5 7 Purchased $37,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system Note: Enter debits before credits. General Journal Date Debit Credit Merchandise inventory 37,500 Apr 20, 2017 37,500 Accounts payable-Locust 5.2 Prepare journal entries for all the preceding transactions and events for 2018. (Do not round your intermed iate calculations.) View transaction list Journal entry worksheet 1 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Jan 27, 2018 Clear entry Record entry View general journal