Assignments USA-7-01-21575.202020 Seved Required information [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilitles. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit fron Locust, terms 1/30. May 19 Replaced the April 20 account payable to locust with a 90-day, 109, $35,000 note payable along with paying $5,25e in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 99, 580,000 note payable. 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 $42,000 cash from Fargo Bank by signing a 60-day, 85, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 __ Paid the anount due on the note to Fargo Bank at the naturity date. Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 2e account payable to Locust with a 90-day, 104, $35,000 note payable along with July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 94, $80,000 note payable. 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 $42,000 cash from Fargo Bank by signing a 60-day, 84, $42,800 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the anount due on the note to Fargo Bank at the naturity date. . ok nces 2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 de year.) Principal Rate Time Interest Locust NBR Bank Fargo Bank % X % % x Required information [The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 10%, $35,000 note payable along with paying $5,250 in cash. July 8 Borrowed $80,000 cash from NBR Bank by signing a 128-day, 94, $80,000 note payable. 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 $42,800 cash from Fargo Bank by signing a 60-day, 84, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _?_ Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculati Use 360 days a year.) Year End Accrual Required for Fargo Bank Principal * Rate Time % X Interest to be accrued in Year 1 Interest Required information The following information applies to the questions displayed below.) Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $40,258 of merchandise on credit from Locust, terms n/30. Hay 19 Replaced the April 20 account payable to Locust with a 90-day, 109, $35,000 note payable along with July 8 Borrowed $80,000 cash from NBR Bank by signing a 120-day, 9, 88,888 note payable. 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 $42,000 cash from Fargo Bank by signing a 60 day, 84, $42,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the Interest expense recorded in Year 2. (Do not round your intermediate calculations. Use 360 days a year.) Year End Accrual Required For Fargo Bank Principal X Rate Time Interest Interest to be recorded in Year 2
