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I need help in this exercise plz.The book is financial and managerial accounting wild, 6e Chapter 9 problem 9-1A Problem 9-1A Short-term notes payable transactions
I need help in this exercise plz.The book is financial and managerial accounting wild, 6e Chapter 9 problem 9-1A
Problem 9-1A Short-term notes payable transactions and entries LO P1 IThe following information applies to the questions displiayed below] Tyrell Co. entered into the following transactions involving short-term liablities in 2014 and 2015. 2014 Apr. 20 Purchased $39,000 of merchandise on credit from Locust, terms are 110, v30. Tyrel uses the May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual July 8 Borrowed $57,000 cash from National Bank by signing a 120-day, 11% interest-bearing note with a perpetual inventory system. interest along with paying $4,000 in cash. face value of $57,000 ?Paid the amount due on the note to Locust at the maturity date Paid the amount due on the note to National Bank at the maturity date Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank Paid the amount due on the note to Fargo Bank at the maturity date Nov. 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8% interest-bearing note with a face value of $24,000 2015 References
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