Question
NEED ALL 5 PARTS thanks.. Required information Problem 11-1A Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed
NEED ALL 5 PARTS thanks..
Required information
Problem 11-1A Short-term notes payable transactions and entries LO P1
[The following information applies to the questions displayed below.]
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016
Apr. | 20 | Purchased $35,500 of merchandise on credit from Locust, terms 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 7% annual interest along with paying $500 in cash. | ||
July | 8 | Borrowed $60,000 cash from NBR Bank by signing a 120-day, 10% interest-bearing note with a face value of $60,000. | ||
__?__ | 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. | |||
Nov. | 28 | Borrowed $27,000 cash from Fargo Bank by signing a 60-day, 7% interest-bearing note with a face value of $27,000. | ||
Dec. | 31 | Recorded an adjusting entry for accrued interest on the note to Fargo Bank. |
2017
__?__ | Paid the amount due on the note to Fargo Bank at the maturity date. |
Problem 11-1A Part 1
Required: 1. Determine the maturity date for each of the three notes described.
Problem 11-1A Part 2
2. Determine the interest due at maturity for each of the three notes. (Do not round your intermediate calculations. Use 360 days a year.)
Problem 11-1A Part 3
3. Determine the interest expense to be recorded in the adjusting entry at the end of 2016. (Do not round your intermediate calculations. Use 360 days a year.)
Problem 11-1A Part 4
4. Determine the interest expense to be recorded in 2017. (Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year.)
Problem 11-1A Part 5
5.1 Prepare journal entries for all the preceding transactions and events for 2016. (Do not round your intermediate calculations.)
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