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I will post each entry for the journal worksheet. Thank you! Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20
I will post each entry for the journal worksheet. Thank you!
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $35,500 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 $500 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 11%, $66,000 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. November 28 Borrowed $27,000 cash from Fargo Bank by signing a 60 -day, 8%,$27,000 note payable. 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. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. Journal entry worksheet 2345678 Purchased $35,500 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Journal entry worksheet Paid the amount due on the note to NBR Bank at the maturity date. Note: Enter debits before credits. Journal entry worksheet Borrowed $66,000 cash from NBR Bank by signing a 120 -day, 11%,$66,000 note payable. Note: Enter debits before credits. Journal entry worksheet Replaced the April 20 account payable to Locust with a 90 -day, 8%,$35,000 note payable along with paying $500 in cash. Note: Enter debits before credits. Journal entry worksheet 1 56 Paid the amount due on the note to Fargo Bank at the maturity date. Note: Enter debits before credits. Journal entry worksheet 1 8 Paid the amount due on the note to Locust at the maturity date. Note: Enter debits before credits. Journal entry worksheet 1 5 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Note: Enter debits before credits. Journal entry worksheet 1 Borrowed $27,000 cash from Fargo Bank by signing a 60 -day, 8%,$27,000 note payable. Note: Enter debits before creditsStep by Step Solution
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