Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i will thumbs up Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed

i will thumbs up image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purehased $35,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payablo to Locust with a 90 -day, 81, 535,000 note payable along with paying $500 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 118, $60,000 note payable. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, date $60 - 2 - 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, 78,$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. Problem 11-1A (Algo) Part 5 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. Purchased $35,500 of merchandise on credit from Locust, terms n/30. Note: Enter debits before credits. Journal entry worksheet Replaced the April 2U account payable to Locust with a 90-day, 8%,$35,000 note payable along with paying $500 in cash. Note: Enter debits before credits. Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 11%,$60,000 note payable. Note: Enter debits before credits. Paid the amount due on the note to Locust at the maturity date. ote: Enter debits before credits. Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting For School Administrators Tools For School

Authors: Ronald E. Everett, Donald R. Johnson, Bernard W. Madden

1st Edition

1578865816, 978-1578865819

More Books

Students also viewed these Accounting questions