Exercise 9.14 (Algo) Recording bonuses LO P4 For the year ended December 3t, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez's bonus expense is computed as $48,113. 1. \& 2. Prepare the journal entries at December 31 to record the bonus due and later on January 19 to fecord payment of the bonus to employees. Journal entry worksheet Record the bonus due to the employees at December 31 . Note: Enter debits before credits. Journal entry worksheet Record the payment of bonus to the employees. Note: Enter debits before credits. Required information Problem 9-1A (Algo) Short-term notes payable transactions and entries LO P1 [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 $39,000 of merchandise on credit from Locust, terms May 19 Replaced the April 20 account payable to Locust with a 90-day, 8\%, $35,600 note payable along with paying $4,000 in cash. July 8 Borrowed $54,080 cash from NBR Bank by signing a 120-day, 12\%, $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 naturity date. November 28 Borrowed $36,000 cash from Fargo Bank by signing a 60 day, 9\%, 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. Problem 9-1A (Algo) Part 1 Required: 1. Determine the maturity date for each of the three notes described. Required information Problem 9.1A (Algo) Short-term notes payable transactions and entries LO P1 [The following informatioc apples to the questions displayed bolow] Tyrell Company entered into the following transactions involving short-term liabities. Year 1 April 20 Purchased $39,800 of merchandise on credit fron Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 8s, $35,003 note payable along with paying $4,000 in cash. July 8 Borrowed $54, eee cash from NBR Bank by signing a 120-day, 124, Juty 8$54,0, $5 note payable. -? Paid the anount due on the note to Locust at the naturity date. -? - Paid the amount due on the note to NBR Bank at the naturity date. Noveaber 28 Borrowed $36, eee cash fron Fargo Bank by signing a 60-day, 9%, December 31 Recorded an adjusting entry for accrued interest on the note to Vear 2 - Paid the amount due on the note to Fargo Bank at the maturity date. Problem 9-1A (Algo) Part 2 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate calculations and round your final anwwer to nearest whole dollar. Use 360 days a year
