Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you help me to finish August 17, November 05, December 31, January 27 please Required information [The following information applies to the questions displayed
Can you help me to finish August 17, November 05, December 31, January 27 please
Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 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 120-day, 9\%, $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. November 28 Borrowed $42,000 cash from Fargo Bank by signing a 60 -day, 8%, $42,000 note payable. December 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. 5. Prepare journal entries for all the preceding transactions and events. \begin{tabular}{|c|c|c|c|c|c|} \hline & 1 & April 20 & Merchandise inventory & 40,250 & \\ \hline & & & Accounts payable-Locust & & 40,250 \\ \hline \multirow[t]{3}{*}{} & 2 & May 19 & Accounts payable_-Locust & 40,250 & \\ \hline & & & Cash & & 5,250 \\ \hline & & & Notes payable-Locust & & 35,000 \\ \hline \multirow[t]{2}{*}{} & 3 & July 08 & Cash & 80,000 & \\ \hline & & & Notes payable-NBR Bank & & 80,000 \\ \hline \multirow[t]{3}{*}{} & 4 & August 17 & Notes payable_-Locust & 35,000 & \\ \hline & & & Interest expense & & \\ \hline & & & Cash & & \\ \hline \multirow[t]{3}{*}{%} & 5 & November 05 & Notes payable-NBR Bank & 80,000 & \\ \hline & & & Interest expense & & \\ \hline & & & Cash & & \\ \hline \multirow[t]{2}{*}{} & 6 & November 28 & Cash & 42,000 & \\ \hline & & & Notes payable-Fargo Bank & & 42,000 \\ \hline \multirow[t]{2}{*}{} & 7 & December 31 & Interest expense & & \\ \hline & & & Interest payable & & \\ \hline & 8 & January 27 & Interest expense & 252 & \\ \hline & & & Interest payable & & \\ \hline \end{tabular}Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started