Ch9 Q3-5-8

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 \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\$35,000 note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, 10\\%, \\$54,000 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 \\( \\overline{28} \\) Borrowed \\( \\$ 33 \\), 000 cash from Fargo Bank by signing a 60 -day, \7, \\( \\$ 33,000 \\) 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. 7. Determine the interest expense recorded in Year 2. Note: Do not round Intermedlate calculations and round your final answers to nearest whole dollar. Use 360 days a year. 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 \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\$35,000 note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120-day, 10\\%, \\$54,000 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 \\( \\$ 33 \\), 000 cash from Fargo Bank by signing a 60 -day, \7, \\( \\$ 33,000 \\) 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. 3etermine the interest expense recorded in the adjusting entry at the end of Year 1. Note: Do not round intermedlate calculations and round your final answer to nearest whole dollar. Use 360 days a year. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\$35,000 note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, \10, \\( \\$ 54 \\), 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 \\( \\$ 33,000 \\) cash from Fargo Bank by signing a 60 -day, \7 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. Note: Do not round your intermediate calculations. Journal entry worksheet Note: Enter debits before credits. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, \9, \\( \\$ 35 \\), 000 note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, 10\\%, \\$54, 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 \\( \\$ 33,000 \\) cash from Fargo Bank by signing a 60 -day, \7, \\( \\$ 33,000 \\) 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. Note: Do not round your Intermedlate calculations. Journal entry worksheet \\begin{tabular}{llllll} \\( 7 note payable. Note: Enter debits before credits. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\( \\$ 35,000 \\) note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, 10\\%, \\$54,000 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 \\( \\overline{28} \\) Borrowed \\( \\$ 33,000 \\) cash from Fargo Bank by signing a 60 -day, \7, \\( \\$ 33,000 \\) 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. Note: Do not round your intermedlate calculations. Journal entry worksheet \\begin{tabular}{lllllll} \\( 7, \\( \\$ 33,000 \\) 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. Note: Do not round your intermedlate calculations. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\$35,000 note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, 10\\%, \\( \\$ 54 \\), 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 \\( \\overline{28} \\) Borrowed \\( \\$ 33,000 \\) cash from Fargo Bank by signing a 60 -day, \7 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. Note: Do not round your intermediate calculations. Journal entry worksheet \\( \\begin{array}{lll}6 & 7 & 8\\end{array} \\) Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\( \\$ 35,000 \\) note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, \10, 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 \\( \\$ 33 \\), 000 cash from Fargo Bank by signing a 60 -day, \7, \\( \\$ 33,000 \\) 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. Note: Do not round your intermedlate calculations. Journal entry worksheet \\( \\begin{array}{llll}5 & 6 & 7 & 8\\end{array} \\) Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\( \\$ 35,000 \\) note payable along with paying \\( \\$ 4,500 \\) in cash. Note: Enter debits before credits. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased \\( \\$ 39,500 \\) of merchandise on credit from Locust, terms \\( \\mathrm{n} / 30 \\). May 19 Replaced the April 20 account payable to Locust with a 90 -day, 9\\%, \\( \\$ 35,000 \\) note payable along with paying \\( \\$ 4,500 \\) in cash. July 8 Borrowed \\( \\$ 54 \\), 000 cash from NBR Bank by signing a 120 -day, \10, 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 \\( \\overline{28} \\) Borrowed \\( \\$ 33,000 \\) cash from Fargo Bank by signing a 60 -day, \7 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. Note: Do not round your intermediate calculations. Journal entry worksheet \\( \\begin{array}{llllllll}