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I need some help answering these questions. Thanks so much, Mike Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011.
I need some help answering these questions. Thanks so much, Mike
Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011. 2010 Apr. 20 Purchased $38,500 of merchandise on credit from Frier, terms are 1/10, n/30. Tytus uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Frier with a 90-day, $30,000 note bearing 8% annual interest along with paying $8,500 in cash. July 8 Borrowed $66,000 cash from Community Bank by signing a 120-day, 11% interestbearing note with a face value of $66,000. __?__ Paid the amount due on the note to Frier at the maturity date. __?__ Paid the amount due on the note to Community Bank at the maturity date. Nov. 28 Borrowed $33,000 cash from UMB Bank by signing a 60-day, 6% interest-bearing note with a face value of $33,000. Dec. 31 Recorded an adjusting entry for accrued interest on the note to UMB Bank. 2011 __?__ Paid the amount due on the note to UMB Bank at the maturity date. 1. value: 15.00 points Required: 1. Determine the maturity date for each of the three notes described. Frier Com. Bank UMB Maturity date Worksheet Learning Objective: 09-P1 Prepare entries to account for short term notes payable. Difficulty: Hard 2. value: 15.00 points 2. Determine the interest due at maturity for each of the three notes. (Use 360 days a year. Do not round your intermediate calculations. Omit the "$" sign in your response.) Frier Interest due at maturity Com. Bank UMB $ $ $Step by Step Solution
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