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how do i calculate? ! Required information [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term

how do i calculate?

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! 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 $36,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $1,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 108, $60,000 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 $27,000 cash from Fargo Bank by signing a 60-day, 78, $27,000 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. Required: 1. Determine the maturity date for each of the three notes described. Locust NBR Bank Fargo Bank Maturity date :2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.) Principal X Rate X Time Interest Locust $ 35,000 : X 8 X 90/360 ELLLLLLLLLL NBR Bank 60,000 X 10 %% X 120/360 Fargo Bank $ 27,000 X 7 %% X 60/3603. Determine the interest expense recorded in the adjusting entry at the end of Year 1. (Do not round your intermediate calculations. Use 360 days a year.) Year End Accrual Required For: Fargo Bank Principal X Rate X Time Interest Interest to be accrued in Year 1 X X4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.) Year end accrual required for: Fargo Bank Principal X Rate X Time Interest Interest to be recorded in Year 2 X XJournal entry worksheet 2 3 4 5 6 7 8 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 20 36,000 36,000 Record entry Clear entry View general journalJournal entry worksheet

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