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I am having difficulty figuring out the calculation of interest for the following: Using the information above, I am trying to solve the blank spaces
I am having difficulty figuring out the calculation of interest for the following:
Using the information above, I am trying to solve the blank spaces below (but I am not even sure what to be entering):
Now that the information above is available, how do we calculate the 2015 payment (shown in the next image)?
1.10,.00 points value: 10.00 points The January 1, 2014 trial balance for the Tyrell Company is found on the trial balance tab. The beginning balances are assumed Tyrell Co. entered into the following transactions involving short-term liabilities in 2014 and 2015. 2014 Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell uses the perpetual inventory system May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 10% annual interest along with paying $5,250 in cash. uly 8 Borrowed $80,000 cash from National Bank by signing a 120-day, 9% interest-bearing note with a face value of $80 000. Aug. 17 Paid the amount due on the note to Locust at the maturity date. Nov. 5 Paid the amount due on the note to National Bank at the maturity date Nov. 28 Borrowed $42,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $42,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank 2015 Jan. 27 Paid the amount due on the note to Fargo Bank at the maturity date. (Use 360 days a year.) use 360 days a year) Requirement General Journal GeneralT Ledger Trial Balance Schedule of Calculation Payables 2015 payment of Interest 22% of available points. Enter the principal amount, interest rate, and number of days of interest to be recorded for each note. Verify that interest expense agrees your journal entries and the trial balance
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