9 p q 1-5 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 $38,588 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 7% annual interest along with paying $3,588 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of -?- Paid the amount due on the note to Locust at the maturity date Nov. 28 Borrowed 6,000 cash from Fargo Bank by signing 68-day, 8% interest-bearing note with face value of Dec. 31 Recorded an adjusting entry for accrued interest on the note to Forgo Bank 2017 $68,800 Paid the anount due on the note to NBR Bank at the maturity date $36,000 Paid the anount due on the note to Fargo Bank at the maturity date Required: 1. Determine the maturity date for each of the three notes described. NBR Ban argo Maturity date 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 deys a year.) Locust NBR Bank Fargo Bank 3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculetions. Use 360 days e year.) Year end accrual required for: Fargo Bank Principal xatx Time Interest Interest to be accrued in 2016 4. Determine the interest expense to be recorded in 2017 (Do not round intermediate calculations and round your final answers to nearest whole doller. Use 360 days a year.) r end required Principal x Rate x TimeInterest Interest to be recorded in 2017 5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculetions.) View transaction list Journal entry worksheet Purchased $38,500 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. Note: Enter debits before credits Date General Journal Debit Credit Apr 20, 2016 Record entry Clear entry View general jourmal Journal entry worksheet 3 6 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 7% annual interest along with paying $3,500 in cash. Note: Enter debits before credits. Date General Journal Debit Credit May 19, 2016 Record entry Clear entry View general journal Journal entry worksheet K12 3 4 5 67 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10% interest- bearing note with a face value of $60,000. Note: Enter debits before credits. Date General Journal Debit Credit Jul 08, 2016 Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Aug 17, 2016 Record entry Clear entry View general journal Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05, 2016 Record entry Clear entry View general journal Journal entry worksheet 4 7 Borrowed $36,000 cash from Fargo Bank by signing a 60-day, 8% interest. bearing note with a face value of $36,000 Note: Enter debits before credits. Date General Journal Debit Credit Nov 28, 2016 Record entry Clear entry View general journal Journal entry worksheet Recorded an adjusting entry for accrued interest on the note to Fargo Bank Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2016 Record entry Clear entry View general journal 5.2 Prepare journal entries for all the preceding transactions and events for 2017. (Do not round your intermediate calculations.) View transaction list Journal entry worksheet 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, 2017 Record entry Clear entry View general journal